• Endeavour plans Assafou gold mine in Côte d’Ivoire by end-2028
• Ivorian mines could contribute 65% of group’s gold output by 2025
• $734M project heightens risks from geographic concentration and pending reforms

Endeavour Mining, one of West Africa’s leading gold producers, plans to bring its Assafou gold project in Côte d’Ivoire into production by the end of 2028, according to its operational report released last week. The new mine is expected to sharply increase Côte d’Ivoire’s contribution to the group’s overall output, which currently comes from assets in Burkina Faso, Senegal and Côte d’Ivoire.

The company operates exclusively in West Africa through five mines: Houndé and Mana in Burkina Faso, Sabodala-Massawa in Senegal, and Ity and Lafigué in Côte d’Ivoire. Lafigué entered production in late 2024. Together, Ity and Lafigué are expected to produce up to 540,000 ounces of gold in 2025, representing 45% of Endeavour’s projected output of 1.2 million ounces for the year.

Ity gold mining site

Construction of Assafou is scheduled to begin in 2026, subject to obtaining the necessary permits from Ivorian authorities. Once operational, it would become Endeavour’s third mine in Côte d’Ivoire and its second new site in the country in four years. A 2024 feasibility study estimates annual production at 329,000 ounces during Assafou’s first decade.

If this level is reached, and combined with expected production from Ity and Lafigué, Endeavour’s Ivorian output could rise to around 790,000 ounces of gold per year. This would represent roughly 65% of the group’s 2025 target, according to Ecofin Agency calculations, underscoring the growing weight of Ivorian production in Endeavour’s portfolio, even as the company targets additional growth in Senegal.

A Strong Mining Environment in Côte d’Ivoire

A successful start-up at Assafou could also make Côte d’Ivoire Endeavour’s largest operating base in West Africa, ahead of Burkina Faso, which held that position until the group sold the Wahgnion and Boungou mines in 2023.

Although Endeavour has not publicly outlined a deliberate Ivorian expansion strategy, its growing presence is supported by a favourable investment climate. Côte d’Ivoire consistently ranks among West Africa’s most attractive mining jurisdictions in the Fraser Institute’s annual survey. It topped the regional rankings in 2023 before placing third in 2024, behind Ghana and Senegal.

This perception is widely shared by operators. During the 2025 Africa Down Under conference in September, Turaco Gold CEO Justin Tremain described Côte d’Ivoire as “the best place in the world” to build a gold mine. The government’s ambition to raise national gold output to 100 tons per year, supported by strong sector growth since 2011, also strengthens investor confidence.

Financing and the Risks of Geographic Concentration

Despite a favourable business environment and a supportive gold market, Endeavour’s expansion plans depend on several conditions. Beyond regulatory approvals, the company must secure financing for Assafou, currently estimated at 734 million dollars. This figure may be revised in a new feasibility study expected in 2026.

Sustaining output at Ity and managing the ramp-up at Lafigué will also be crucial. At the same time, concentrating three major mines in a single country increases exposure to operational and political risk. Mining companies can face significant disruptions if local conditions deteriorate.

Lafigué Mining Site

The shutdown of First Quantum Minerals’ Cobre Panamá copper mine in November 2023 illustrates this vulnerability. After losing an asset that accounted for about 45% of its production, the company saw total output fall to 431,004 tons in 2024, down from 707,600 tons in 2023. In Côte d’Ivoire, where the mining code is currently being revised, the impact of upcoming reforms on operators such as Endeavour remains uncertain.

Aurel Sèdjro Houenou