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