Endeavour Mining Reports Agbaou Gold Mine Fully Repaid Shareholder Loans in 22 Months
AA – 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.”
- Previous 42nd Session of the ADEA Steering Committee: Sustainability, Transitioning and Ownership
- Next First Burger King® restaurant opens in Ivory Coast