VANCOUVER, Dec. 1, 2015 /CNW/ - Endeavour Mining Corporation ("Endeavour Mining") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) is pleased to announce that its Agbaou Gold Mine in Côte d'Ivoire fully repaid its shareholder loans from Endeavour Mining of $181 million, with the final loan payment received on November 27, 2015. The shareholder loans funded the $145 million mine construction cost and other historic development costs including feasibility studies and exploration programs. The full repayment of Endeavour Mining's historic capital is 22 months from the mine achieving commercial production on January 27, 2014.
The Agbaou Gold Mine has progressed into a dividend-paying position for the distribution of its free cash flow. Endeavour Mining owns 85% of the Agbaou Gold Mine, with the remaining 10% held by the State of Côte d'Ivoire and 5% held by SODEMI, the Ivorian State mining company.
Neil Woodyer, CEO, stated
"By all measures, the Agbaou mine has had an exceptional initial two years of operations. Even with the low gold price environment, Agbaou has fully repaid its construction capital and all of its historic costs related to exploration and studies in only 22 months – demonstrating a very strong return on investment. To date, Agbaou has paid $14 million in royalties to the Côte d'Ivoire government, and the country will now benefit even more from dividends through its 15% carried interests in the mine. In addition, Agbaou is an example of the success of our approach of recruiting and training Ivorian nationals who now represent 92% of the mine's workforce."
About Endeavour Mining Corporation
Endeavour Mining is a Canadian-based intermediate gold mining company producing 580,000 ounces per year from five mines in West Africa. Endeavour Mining is focused on effectively managing its existing assets to maximize cash flow as well as pursuing organic and strategic growth opportunities that benefit from its management and operational expertise.
On behalf of Endeavour Mining Corporation
Chief Executive Officer
This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour Mining's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour Mining operates. Although Endeavour Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour Mining's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour Mining and its business.
SOURCE Endeavour Mining Corporation
For further information: Doug Reddy, EVP Business Development, +1 604 609 6114, [email protected], Endeavour Mining Corporation, Corporate Office, Suite 3123, 595 Burrard Street, P.O. Box 49139, Vancouver, BC V7X 1J1, Canada; Brunswick Group LLP, Carole Cable, Partner, +44 7974 982 458, [email protected]; Patrick Handley, Partner, +44 7974 982 395, [email protected]