KEY POINTS
- Endeavour Mining aims to produce 200,000 ounces of gold yearly by 2025.
- The Lafigue mine is expected to contribute significant revenue to Ivory Coast.
- Ivory Coast seeks to diversify its economy by developing the mining sector
Endeavour Mining, listed on the London Stock Exchange, announced Saturday that it aims to produce approximately 200,000 ounces of gold annually by 2025 from its second gold mine in Ivory Coast.
Lafigue mine set to be a key gold producer
The Lafigue mine, located about 500 kilometers northeast of Abidjan in the Dabakala region, began production in early August. The company expects the mine to produce between 90,000 and 100,000 ounces of gold by the end of this year.
Endeavour said it invested 250 billion CFA francs ($415 million) in the project, which has an estimated mine life of at least 13 years. The company projected that Lafigue could contribute over 380 billion CFA francs in taxes and revenue to Ivory Coast.
“With Lafigue, we are shaping the future of Endeavour in Côte d’Ivoire,” said Endeavour CEO Ian Cockerill at the mine’s inauguration. He added that the company’s partnership with the country, which includes two operational mines—Lafigue and Ity—is growing.
Cockerill also highlighted the Tanda-Iguela site, discovered in 2022, where exploration continues and which he said could become another “flagship asset” for the company.
Ivory Coast targets significant gold output growth by 2030
Ivory Coast, the world’s largest cocoa producer, is working to develop its underexplored mining sector as part of a strategy to diversify its economy.
According to a report by mining.com, Mines Minister Mamadou Sangafowa Coulibaly said in June that the country’s annual gold output could reach 100 metric tons within the next five years.
Other mining companies operating in Ivory Coast include Barrick Gold, Perseus Mining, and Roxgold.
