Endeavour targets discovery of 15-20 million ounces next 5 years
LONDON – Endeavour Mining has unveiled its exploration outlook for the next five years which targets the discovery of 15 to 20 million ounces of Indicated resources at a cost of less than $25 per ounce across West Africa.
The discovery target was established using the same conservative ranking and screening methodology which has successfully yielded the discovery of 8.5Moz of Indicated resources over the past four years, as detailed in the Methodology Section below.
Sebastien de Montessus, President & CEO said: “Our exploration success has been a significant value creation driver over the past four years, following the tremendous work completed by our exploration team. Our track record gives us the confidence to set ambitious new targets and, given the strong expected returns, investment in exploration will continue to be an important component of our capital allocation framework.
Our exploration strategy is centered on continuing to extend the mine lives of our core assets to well beyond ten years and discovering new greenfield projects. While we see significant opportunities across our portfolio, we are particularly pleased with the potential defined at our flagship mines; Sabodala-Massawa, Hounde and Ity. We believe these mines have the potential to be Tier 1 assets with over 10 million ounces resource endowment, inclusive of historical production. We are also very pleased to demonstrate the opportunities identified at our recently acquired assets, which have the potential to grow their current resources by as much as 60%.
Setting these exploration targets demonstrates our commitment to both near-term and long-term growth and underpins our ability to be a resilient and reliable business. We believe that we offer a strong investment appeal due to the long-term visibility across our business, through our minimum progressive dividend outlook which is supported by a robust five-year production outlook, near-term growth prospects from existing projects, and our new five-year discovery horizon that provides the foundation for longer-term success.”