Endeavour Mining PLC has announced that a preliminary study at its Assafou gold project in the Ivory Coast has revealed strong potential for the site to become a significant gold producer for the FTSE 100 company.
The pre-feasibility study indicates that Assafou could produce approximately 329,000 ounces of gold annually over the first 10 years, with sustaining costs of US$892 per ounce. The estimated total mine life is expected to be 15 years.
Based on these projections, the after-tax net present value (NPV) at a 5% discount rate is US$1.526 billion, with an internal rate of return (IRR) of 28%, assuming a gold price of US$2,000 per ounce. The upfront capital investment for the project is estimated at US$734 million, utilizing a processing plant configuration similar to that of Endeavour’s nearby Lafigué mine.
The maiden reserves at Assafou are defined at 72.8 million tonnes with a grade of 1.76 grams per tonne, totaling 4.1 million ounces of gold. Additionally, indicated resources at the site stand at 4.6 million ounces, and the potential for satellite deposits could further increase the overall resource.
Endeavour Mining plans to proceed with a definitive feasibility study (DFS), which is scheduled for completion between late 2025 and early 2026.
Ian Cockerill, CEO of Endeavour Mining, commented that Assafou has the potential to become a “tier 1 asset” for the company, offering a long mine life and low operating costs. He added, “Given the excellent project economics, we will now move forward with the Definitive Feasibility Study and also advance the permitting process. This will position us well to potentially start construction in the second half of 2026 with our highly skilled project team.”
Looking ahead, Endeavour Mining expects to continue its growth trajectory with a strong pipeline of organic projects. The company aims to reach its target of 1.5 million ounces in annual production by the end of the decade, all while maintaining strong margins and a diversified portfolio of assets.
