ENDEAVOUR Mining expects full-year gold production in the lower half of its target range following disruptions at its Mana mine in Burkina Faso, where underground mining and processing are not expected to resume until the second quarter of 2027.
The London-listed miner said on Thursday it remained on track to produce between 1.09 million and 1.265 million ounces (oz) this year. However, weaker-than-expected output at Mana would only be partly offset by stronger production at its Lafigué mine in Côte d’Ivoire.
Mana is now expected to miss the lower end of its own production target of 155,000 to 180,000 oz. All-in sustaining costs (AISC) will also exceed the upper end of its $2,000 to $2,250/oz forecast.
Underground mining at Mana was suspended on October 28 after part of an access ramp subsided. The incident restricted access to two underground portals. Mining at a third portal was halted as a precaution.
Endeavour previously said it was assessing remediation options but had not provided a detailed timetable for restarting operations.
The company now expects rehabilitation work to begin during the fourth quarter. Underground ore mining and processing are scheduled to resume in the second quarter of 2027.
Endeavour is also accelerating open-pit mining activities to help compensate for the disruption. Revised production, cost and capital expenditure forecasts for Mana in 2027 are expected in January.
Endeavour produced 256,000 oz in the September quarter, down 10% from the preceding quarter. Production for the first nine months fell 10% to 820,000 oz.
The company expects a stronger fourth quarter, supported by higher grades at its Houndé mine in Burkina Faso, Ity in Côte d’Ivoire and Sabodala-Massawa in Senegal.
Group AISC rose 37% year on year to $1,866/oz over the nine months, above its full-year target range of $1,600–$1,800/oz. Endeavour said higher gold prices added $166/oz to royalty costs. Adjusted AISC was therefore $1,700/oz, within the target range.
Despite lower production, higher gold prices lifted nine-month free cash flow 50% to a record $1.02bn.
CEO Ian Cockerill said stronger performance at Lafigué had largely offset the disruptions at Mana. The group therefore remained on track to meet its full-year targets.