Endeavour Mining targets 12-15m oz discovery over next five years

(Sharecast News) - Endeavour Mining on Tuesday unveiled a plan targeting discovery of 12 - 15 million ounces over the next five years driven by a $540m exploration spend. The West Africa-focused miner is aiming to find 6 -9 Moz via two-to-three greenfield projects in addition to expansion of brownfield sites producing 6 Moz at a cost of less than $40 per ounce across both.

"Since 2016 we have consistently generated significant value through the drill bit. We have replaced more than double our production depletion with high-quality, high-grade ounces allowing us to extend mine lives and improve our asset quality," said Ian chief executive Cockerill.

"In doing so, we have discovered two top-tier greenfield projects that have been quickly advanced, to become cornerstone projects in our portfolio."

Cockerill added that Endeavour's exploration programme sought to replace production depletion and extend mine lives at its core assets, while also discovering new projects both within current land packages and in new "highly fertile, immature gold provinces".

"We are targeting assets with over 3Moz of high grade resources that are capable of producing at least 300koz of annual production at sector leading all-in sustaining costs, with mine-life visibility of more than 10 years," he said.

Reporting by Frank Prenesti for Sharecast.com