TSX-listed Endeavour Mining reports that a ground-breaking ceremony was recently held at its Houndé project site in Burkina Faso. Construction of the new mine began in April 2016 and is progressing on-time and on-budget with the first gold pour expected during the fourth quarter of 2017.
The ceremony celebrated an important milestone for both Endeavour and the Government of Burkina Faso, as Houndé is expected to become the company’s flagship low-cost mine and a prominent mine within the country. More than 10 000 people attended the ceremony in support of the project, including the President of Burkina Faso, the Prime Minister and the Minister of Energy, Mines and Carriers.
The President of Burkina Faso, Roch Marc Christian Kaboré, arriving at the ground-breaking ceremony (photo: Endeavour Mining).
Roch Marc Christian Kaboré, President of Burkina Faso, stated: “We welcome Endeavour’s investment in Burkina Faso, and the company’s decision to make a long-term commitment to our country. This reflects the favourable investment environment that Burkina Faso has created for the mining sector, and is a strong signal of the future health of the gold mining industry in our country. The Houndé development will create hundreds of jobs, both directly in mining and also ancillary services, and the associated prosperity will raise living standards throughout the surrounding district. With the Houndé project and the Karma mine, Endeavour Mining is becoming a key partner for our country.”
Once in production, Endeavour’s 90 %-owned Houndé project will become the company’s flagship low-cost mine, ranking amongst West Africa’s top tier cash generating mines, with an average annual production of 190 000 ounces at an All-In Sustaining Cost (AISC) of US$709/oz over an initial 10-year mine life based on reserves. Moreover, in its first four years, the average annual production is expected to be 235 000 ounces at an AISC of US$610/oz.
The project is an open pit mine with a 3,0 Mt/a gravity circuit/CIL plant. The initial capital cost is estimated at US$328 million, inclusive of US$46 million for the owner-mining fleet.
Endeavour will employ up to 1 800 people during Houndé’s construction phase and 470 once the project reaches commercial production, with an objective of employing 90 % Burkinabe nationals and a focus on increasing female employment in the region.