• Final investment cost reaches $1.06 billion, up sharply from $734 million.

• Project targets 257,000 oz average annual output over 16 years.

• Net present value stands at $2.1 billion with 28% IRR at $2,500/oz gold.

Endeavour Mining published the results of the definitive feasibility study (DFS) for its Assafou gold project in Côte d’Ivoire on Thursday, April 23. The study confirms the economic viability of the project and sets total capital expenditure at $1.06 billion.

This estimate exceeds the $734 million outlined in the 2024 pre-feasibility study (PFS). The company attributes the increase to infrastructure adjustments, particularly at the processing plant.

The investment will support the development of a new mine with average annual production of 257,000 ounces of gold over 16 years. The project will reach peak output of 320,000 ounces during the first eight years of operation.

Moreover, the project delivers a net present value of $2.1 billion and an internal rate of return of 28%, based on a gold price assumption of $2,500 per ounce.

Endeavour Mining states that the Assafou project supports its growth ambitions in West Africa. The company already operates the Ity and Lafigué mines in Côte d’Ivoire, Houndé and Mana in Burkina Faso, and Sabodala-Massawa in Senegal.

The company expects its total production to grow by about 36% between 2024 and 2030 through organic expansion.

“We are pleased with the results of the definitive feasibility study for the Assafou project, which confirm the quality and scale of this asset and support Endeavour’s next phase of organic growth. Assafou has the potential to become another cornerstone asset for Endeavour, adding 320,000 ounces of production per year […] during the first eight years of its 16-year mine life. It will be our most profitable and most sustainable mine, thereby enhancing the quality of our portfolio,” said Ian Cockerill, Chief Executive Officer of Endeavour Mining.

Assafou and Koné Highlight New Gold Mine Pipeline

Beyond Endeavour’s growth outlook, the Assafou project signals strong momentum for Côte d’Ivoire’s mining sector. The government aims to increase national gold output to 100 tonnes over the next decade, up from 58 tonnes in 2024.

Assafou ranks alongside the Koné project as a future major asset for the country. Canadian company Montage Gold is developing Koné with an estimated investment exceeding $800 million. The project is expected to produce more than 300,000 ounces annually during its first ten years.

These projects will likely act as catalysts for the domestic gold industry and generate additional fiscal revenues. The mining code allows the state to hold a free 10% stake in projects, while companies must pay a 25% corporate tax and royalties.

However, the sustainability of these investments depends on stable and supportive regulatory conditions. Authorities are currently revising the mining code, and market participants are monitoring potential changes and their impact on project profitability.

Endeavour Mining states that the new mining code provisions will apply to Assafou if authorities adopt them before the company signs the mining convention with the state.

Recent reforms in Mali and Burkina Faso show that such changes can increase state participation in mining projects.

Meanwhile, development momentum continues across the sector. Construction of the Koné project is already underway, with initial production expected by the end of 2026.

Endeavour Mining plans to take a final investment decision on Assafou by that timeline. The company expects construction to last between 24 and 30 months, while it has yet to finalize financing arrangements.

In parallel, smaller-scale projects are emerging, including Doropo, which Resolute Mining operates.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange J.A de Berry Quenum