Endeavour Mining Expecting 3 Tonnes of Gold From Agbaou

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Endeavour Mining is expecting quite a bit of gold from its Ivorian Agbaou mine. The company “plans to produce at least three tonnes of gold annually from Agbaou in Ivory Coast and will start marketing bars from the mine by the end of the first quarter, officials said,” reports Reuters.

“Canadian miner Endeavour, which owns 85 percent of the mine, on Monday officially launched production at the plant about 200 km northwest of the capital Abidjan.”

“Neil Woodyer, Endeavour Mining’s chief executive officer, said the company invested $160 million to build the mine which has a lifespan of about eight years. Woodyer said the firm was looking to extend it beyond that.”

“‘This mine, the fourth in our group, will allow us to produce about 400,000 ounces per year in total,’ he said at the launch ceremony. The company has other mines in Mali, Ghana and Burkina Faso which currently produce around 300,000 ounces in total.”

In metal price news for precious metals…

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of US platinum bar, which saw a 3.3 percent decline. This comes on the heels of a 2.4 percent increase the week before. The price of Japanese platinum bar fell 1.6 percent after rising 0.3 percent the week before. Following a 1.3 percent increase in the week prior, the price of Chinese platinum bar fell 0.3 percent last week.

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US palladium bar saw a 2.4 percent decline over the past week. The price of Japanese palladium bar fell 1.5 percent after rising 0.9 percent the week before. The price of Chinese palladium bar rose 1.2 percent this week, closing out the third week.

Following a 0.2 percent increase in the week prior, the price of Chinese gold bullion fell 1.6 percent last week. The price of US gold bullion rose 0.8 percent over the past week. This was the third week in a row of increasing prices. Japanese gold bullion saw its price rise 0.2 percent over the past week. Indian gold bullion remained essentially flat from the previous week.

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The price of Japanese silver fell 2.8 percent after rising 1.3 percent the week before. For the third week in a row, the price of Chinese silver dropped, falling 2.3 percent. Following a 0.9 percent increase in the week prior, the price of US silver fell 2.3 percent last week. The price of Indian silver fell 0.1 percent  after rising 0.5 percent the week before.

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