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Endeavour Mining - President and CEO, Sebastien de Montessus - The Market Herald Canada
President and CEO, Sebastien de Montessus
Source: Jeune Afrique
  • Endeavour Mining (EDV) has resumed operations at its Boungou mine in Burkina Faso following the completion of infrastructure improvements
  • The mine was acquired in early July through Endeavour's takeover of SEMAFO
  • The Boungou plant had been processing stockpiled ore since the start of the year, with mining, drilling and blasting activities now expected to ramp-up
  • Production for the year is expected to be well within previously announced guidance of between 130,000 and 150,000 ounces of gold
  • Endeavour Mining (EDV) is currently down 0.63 per cent and is trading at C$34.79 per share

Endeavour Mining (EDV) has resumed operations at its Boungou mine in Burkina Faso following the completion of infrastructure improvements.

The mine was acquired in early July this year as part of Endeavour's takeover of SEMAFO, but had been processing stockpiled ore while the work was carried out and while SFTP Mining BF, the company's mining contractor, mobilised its equipment to site.

SFTP Mining also provides its services to Endeavour's Karma mine, and recently purchased a portion of the on-site fleet at Boungou from the previous contractor in an effort to streamline its preparations.

Roughly 1,100 people will be employed at the mine - focusing primarily on local recruitment - with the remaining equipment expected to arrive over the next few weeks.

Over the next quarter of 2020, mining activities will focus mainly on the West pits, while the East pit is prepared fora program of grade control drilling next year.

General mining, drilling and blasting work is expected to ramp-up in the coming weeks, and Endeavour says it is confident that overall production for the year will be in the top half of its previously announced guidance of between 130,000 and 150,000 ounces of gold.

Sébastien de Montessus, President and CEO of Endeavour Mining, said the restart of operations marks a significant milestone in the integration process with SEMAFO.

"The newly acquired assets are now well embedded into our West African operating model which is centered on an agile and streamlined management approach, based on empowered decision making at the mine level with shared regional support functions.

"In addition to the significant procurement, supply chain, and G&A savings, we are also seeing the benefits of softer synergies that arise from being the largest gold producer in Burkina Faso, such as a further strengthening of our partnership with the government and an enhanced ability to manage risks across the business," he added.

As part of the resumption plan, Endeavour has made efforts - in collaboration with the Burkinabe government - to strengthen its security capabilities in the face of what it called "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 down 0.63 per cent and is trading at C$34.79 per share at 12:33pm EDT.


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