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Be the first with the news that moves the market- Endeavour Mining (EDV) says the next few weeks will see the resumption of mining activities at its Boungou mine in Burkina Faso
- This follows the mobilisation of the company’s mining contractor, SFTP Mining BF, to the site and the completion of infrastructure improvements
- The mine had previously been processing stockpiled material since the beginning of this year, and the resumption of mining is expected to contribute to increased production
- As such, the company anticipates that production volumes will reach the top half of its previously released 2020 guidance
- Endeavour Mining (EDV) is currently up 0.25 per cent and is trading at C$36.25 per share
Endeavour Mining (EDV) says the next few weeks will see the resumption of mining activities at its Boungou mine in Burkina Faso.
The recommencement follows the mobilisation of the company’s contractor, SFTP Mining BF, to the site and the completion of infrastructure and operational improvements.
Since the beginning of this year, the Boungou mine had been processing stockpiled material while the improvements were carried out.
Endeavour says the resumption of mining is expected to provide higher-grade mill feed, which will then contribute to increased overall production. As such, the company is expecting its full year production to be in the top half of its previously announced 2020 guidance.
This puts anticipated production in the range of 130,000 to 150,000 ounces of gold at an all-in sustaining cost of between C$680 and $725 per ounce.
Sébastien de Montessus, CEO of Endeavour Mining, said he is pleased to have made significant progress at Boungou.
“We are also excited that we will soon recommence near-mine exploration at Boungou as we believe that the area is highly prospective and we are confident that we will be able to extend the mine life,” he added.
As part of the operational improvements, Endeavour appointed a West African General Manager and transitioned employees from other sites in an effort to accelerate the mine’s restart plan.
The company has also been working in consultation with the Burkinabe government to implement a more comprehensive security plan that would take into account the “unique conditions” in eastern Burkina Faso.
According to a report from the United Nation’s Refugee Agency, more than one million people have been driven out of their homes in Burkina Faso by mounting violence from armed groups. Of this amount, approximately 453,000 people are estimated to have been displaced since the beginning of 2020.
This accounts for five per cent of Burkina Faso’s population, or one in 20 people, and is considered to be the world’s fastest-growing humanitarian crisis.
Endeavour Mining (EDV) is currently up 0.25 per cent and is trading at C$36.25 per share at 1:18pm EDT.
