PERTH (miningweekly.com) – Gold miner Endeavour Mining has fully repaid its shareholder loans of $181-million owing on the Agbaou mine, in Côte d’Ivoire.
The final payment was made 22 months after the mine achieved commercial production.
“By all measures, Agbaou mine has had an exceptional initial two years of operation,” said Endeavour CEO Neil Woodyer.
“Even with the low gold price environment, Agbaou has fully repaid its construction capital and all of its historic costs related to exploration and studies in only 22 months, demonstrating a very strong return on investment.”
Woodyer added that to date, the mine had paid $14-million in royalties to the Côte d’Ivoire government, with the country also benefiting from a 15% carried interest in the mine.
In 2014, the mine produced 146 757 oz of gold, and was expected to increase the production to between 150 000 oz and 155 000 oz in 2015.
Edited by: Creamer Media Reporter
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