RE:RE:RE:Endeavour poised to approve $307m Ity project in 2017Also like the ITY ownership increase - didn't know before that Didier Drogba was our 5% co-investor there!
I guess the ownership increase will be for more EDV shares - but, given the SP, hopefully not too many. SODEMI will prefer that to having to stump up around $70m for their share of the CIL CAPEX. Could bring in a bit more cash from Sawiris exercising his anti-dilution provision - all helps fund ongoing CAPEX/growth programmes.
Just checked up on the other 2 major Ivorian gold mines:
Tongon, owned by Randgold, produces 243koz p.a. and Bonriko, owned by Newcrest, prodcues 138koz.
So a) We're in good company!; b) after the Ity CIL expansion, Endeavour's mines will constitute around half of the entire Ivorian gold production. - giving us a lot of respect in government circles. Bringing Agbaou on stream ahead of time, budget and production targets must have won us a lot of friends. Means we're very well placed for licencing, both exploration and exploitation.
Notable that Cote d'Ivoire contains over 35% of the West African Birimian greenstone belt, but only 8% of reserves - implies very underexplored, with great potential.