Endeavour Mining begins commercial production at second Côte d'Ivoire gold mine

Endeavour Mining Corporation (TSX:EDV) (OTCMKTS:EDVMF) has achieved commercial production at its Ity CIL project in Côte d’Ivoire, it announced Monday.

The Abidjan-based mining company is producing at Ity CIL at its full nameplate capacity following a quick ramp up phase. The project adds significant ounces to Endeavour’s overall production profile, with nearly 200,000 ounces expected at full capacity.

READ: Endeavour Mining marks milestone with first gold pour at Ivory Coast project

“Achieving commercial production at the Ity CIL project marks a transformational moment in our history and an inflection point as we significantly increase our free cash flow capabilities,” Sébastien de Montessus, Endeavour’s president and CEO said in a statement.

The Ity CIL project achieved its first gold pour in March 2019, just four weeks after it began processing ore. Its performance trial testing was recently completed, with a processing rate of around 11,000 tons per day and gold recovery rate of 94%.

The project is expected to produce between 160,000 to 200,000 ounces in 2019 at a cost of around US$590 per ounce.

Major West African producer

Endeavour Mining operates four mines throughout West Africa and is on track to produce nearly 700,000 ounces of gold in 2019.

Shares of Endeavour closed Friday at C$19.41 in Canada and US$14.47 in the US.

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Story by ProactiveInvestors