Endeavour Mining Corporation held a groundbreaking ceremony of Houndé Project site in Burkina Faso. Construction began in April 2016 and is progressing on-time and on-budget with the first gold pour expected during the fourth quarter of 2017.
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 of US$709/oz over an initial 10-yearmine life based on reserves. Moreover, in its first 4 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 3.0Mtpa gravity circuit/ Carbon-In-Leach plant. The initial capital cost is estimated at $328 million, inclusive of $46 million for the owner-mining fleet. Construction began in April 2016 and is progressing on-time and on-budget with tzhe first gold pour expected during the fourth quarter of 2017.
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.