Endeavour board OKs Ity CIL expansion in Cote d'Ivoire

West African gold producer Endeavour Mining has given the $412-million Ity carbon-in-leach (CIL) project, in Cote d'Ivoire, the go-ahead, adding about 235 000 oz/y over the first five years to Endeavour’s current production profile of between 600 000 oz and 640 000 oz this year, at lower costs. The London, UK-based company based its decision on an optimisation study completed on the Ity mine. Based on a long-term gold price of $1 250/oz on a flat-line basis from the start of production, the after-tax net present value, at a 5% discount, is $710-million, with an internal rate of return of 40.3% and a project payback period of 1.8 years.