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Endeavour Mining plc T.EDV

Alternate Symbol(s):  EDVMF

Endeavour Mining plc is a United Kingdom-based multi-asset gold producer focused in West Africa. The Company has five operating assets consisting of the Hounde and Mana mines in Burkina Faso, the Ity and Lafigue mines in Cote d’Ivoire, and the Sabodala-Massawa mine in Senegal, two greenfield development projects (Assafou and Kalana) in Cote d’Ivoire and Mali and a portfolio of exploration assets on the highly prospective Birimian Greenstone Belt across Burkina Faso, Cote d’Ivoire, Senegal, and Guinea. The Hounde mine is located in the northern part of the highly prospective Hounde Greenstone Belt, approximately 60 kilometers (km) south of the Mana mine. The Ity mine is located in western Cote d'Ivoire, 480 km west-northwest from Abidjan, in the prefecture of Zouan-Hounien. The Mana Mine is located approximately 200 kms west of Ouagadougou, the capital of Burkina Faso. The Sabodala-Massawa Mine is approximately 640 kms southeast of Dakar, the capital of Senegal.


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Comment by marben100on Jul 24, 2013 4:29pm
375 Views
Post# 21628309

RE:Houde will add 160,000 oz/year at cash cost of just $563 per oz

RE:Houde will add 160,000 oz/year at cash cost of just $563 per ozHi Goldpig,

I think you're mixing up Agbao and Hounde. Agbao is scheduled to start in Q1 of 2014.Hounde is still at the feasibility study stage, not expected on stream until 2016, assuming works begin as soon as Agbao is complete, which was the original plan.

Hounde (in Burkino Faso) will be the 5th mine and should take production to 550,000oz p.a., contributing 160,000oz p.a.

However, a further boost to production  in early 2014 should come from commencement of operations at the Mali Segala underground mine (currently being developed), to be fed to the Tabakoto mill. In response to a question I raised in one of the conference calls, Neil acknowledged that Segala should raise Tabakoto production beyond the 150,000oz p.a. level. I suspect Neil is treating Segala as a useful contingency, in case of shortfalls at any other mines.


I suspect the market will need to see the Q2 cashflow, to see how Endeavour is coping with this tough gold price environment before appreciating the undervaluation - but obviously a resumption of gold's recent upwards trend may prompt a market reassessment before that!

Nice to see production guidance narrowing in from 310,000 - 345,000oz at the start of the year to 315,000 - 330,000oz now, at the halfway stage.

Cheers,

Mark
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