London-listed Endeavour Mining announced its target of producing approximately 200,000 ounces of gold per year from 2025. This production goal will come from its newly inaugurated Lafigue Mine, located in Ivory Coast.
The Lafigue Mine, situated about 500 kilometers northeast of Abidjan in the Dabakala region, began gold production in early August. Endeavour Mining expects the mine to produce between 90,000 and 100,000 ounces of gold by the end of 2024.
Endeavour invested 250 billion CFA francs (about $415 million) into the Lafigue Mine project. The company stated the mine has a minimum life expectancy of 13 years.
The mine is projected to contribute over 380 billion CFA francs in taxes and revenue to Ivory Coast. This development aligns with the country’s efforts to diversify its economy beyond cocoa production.
Endeavour CEO Ian Cockerill expressed optimism at the inauguration ceremony, highlighting the company’s expanding partnership with Ivory Coast. He noted that Endeavour already operates two mines in the country: Lafigue and Ity.
Cockerill also mentioned the ongoing exploration at the Tanda-Iguela site, discovered in 2022. He said it has the potential to become another significant asset for Endeavour Mining in the future.
Ivory Coast, the world’s largest cocoa producer, is focusing on expanding its mining sector to generate additional revenue streams. Mines Minister Mamadou Sangafowa Coulibaly previously stated that the country aims to reach gold output levels of at least 100 metric tons per year within the next five years.
Other mining companies operating in Ivory Coast include Barrick Gold, Perseus Mining, and Roxgold.
