Youga gold mine

Endeavour Mining has reported a gold production of 88,445oz in the third quarter of 2013, an increase of 17% on the previous quarter, which was driven by the Tabakoto mill expansion in Mali.

Production at the Tabakoto mine increased 48% during Q3 when compared to the previous quarter.

Tabakoto produced 40,522oz of gold in the quarter and operated above nameplate capacity of 4,000tpd.

Production at the Nzema mine in Ghana increased to 27,894oz in the quarter, compared to the 24,053oz produced in Q2.

The Youga mine in Burkina Faso produced 20,029oz of gold in the quarter and Endeavour Mining said production at the facility was impacted by interrupted mining activities in the main pit due to heavy rains in September.

The company invested $43.1m in new mine construction during the quarter, including $31.5m for Agbaou construction.

Endeavour Mining CEO Neil Woodyer said the company has continued to make progress reducing its cost level with an all-in sustaining cost in the quarter of $1,057 per ounce.

"Our year to date production of 237,520oz and AiSC of $1,086 per ounce puts us on track to deliver within our guidance ranges of 315,000oz to 330,000oz and AISC of $1,055 to $1,155 per ounce," Woodyer added.

"As we near completion of Agbaou’s construction, we are pleased with the completion of the Houndé feasibility study announced last week and its timely progression into the permitting phase."

Woodyer noted that the Houndé project requires $315m of upfront capital for average annual production of about 180,000oz over eight years at all-in sustaining cost of less than $800 per ounce.

Endeavour’s annual gold production is expected to hit 400,000oz per year during 2014, including the start-up of production at the Agbaou gold mine in Côte d’Ivoire.

Image: The Youga mine in Burkina Faso produced 20, 029 oz of gold in Q3. Photo: Courtesy of Endeavour Mining.

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