Endeavour to boost gold output, targets significant rise for 2013
Endeavour Mining announced that it would increase its output in the coming years from its Ghana and Burkina Faso mines, a projected 190,000 ounces in 2012, and would boost this number in 2013 do to the acquisition of another site, according to a statement from CEO Neil Woodyer.
Mining Weekly reported that the company added the Agbaou gold mine in Cote d'Ivoire, and this could help to boost production to up to 250,000 ounces annually by the end of 2013.
The mine production reporting for Endeavour outlined levels of 177,000 ounces in 2011, but the new acquisitions would push the numbers much higher in the coming years. According to the news source, the company is looking to bolster it supplies through finding more assets to invest in, as it is looking to invest in new sites.
"We have completed a significant year of growth and are very pleased with the operating performance at our Nzema and Youga gold mines during 2011," Woodyer said in a statement. "We will also be reviewing a number of acquisition opportunities."
The company's growth profile for 2012 also included two exploration projects, totaling $24 million and $6 million, that would increase the longevity of the mines and bolster infrastructure surrounding the sites in Cote d'Ivoire, according to Mining Weekly.
Midnight Trader reported that this would also increase the financial flexibility for Endeavour concerning future projects, as they would be able to finance new projects at sites near their new acquisitions.