Endeavour Mining said wet commissioning has started at the Sabodala-Massawa Expansion Project in Senegal with the first gold pour expected in early May.
In 2024, the operation is expected to produce between 360-400koz of gold at all-in-sustaining costs of between US$750-850/oz.
Endeavour added that commissioning Sabodala-Massawa will be its biggest capital spend this year at US$21 million, with the project costing US$290 million overall.
With the bulk of the outlay complete, Endeavour added it will now use cashflow to reduce debt and boost shareholder returns.
Ian Cockerill, chief executive, also noted that commissioning had been achieved with no lost-time injuries having worked more than 3 million man-hours.
“At completion, Sabodala-Massawa will become a true top-tier asset with 2024 production of up to 400koz at an industry-leading AISC [all-in-sustaining-cost] of less than $850/oz,” said Cockerill, adding costs are expected to improve further in the coming years.
“This year, Endeavour is well positioned to transition from a phase of investment in organic growth to a more cash flow generative phase in the year's second half.
“This inflexion point will allow us to focus our efforts on increasing our shareholder returns while de-levering our balance sheet.”