Endeavour Mining Corp. said Aug. 1 that it was on track to meet fiscal 2017 production guidance of between 600,000 and 640,000 ounces of gold and all-in sustaining costs of between US$860/oz and US$905/oz.
This comes after second-quarter output increased year over year to 152,283 ounces of gold from 138,487 ounces of gold produced a year earlier as all-in sustaining costs dropped to US$897/oz from US$901/oz.
The company realized an average gold price of US$1,219/oz in the three-month period, compared to US$1,257/oz it received in the year-ago period.
For the first six months of the year, the company's gold production increased 19% on a yearly basis to 310,923 ounces of gold while all-in sustaining costs rose 1% to US$901/oz.
The year-over-year increase in gold production was mainly attributed to the addition of the Karma mine in Burkina Faso, as well as asset optimization work at the Mali-based Tabakoto mine and the Ghana-based Nzema mine, which offset lower output at Ity in Ivory Coast. Production at the Agbaou mine, also in Ivory Coast, remained fairly flat.
The company expects all-in sustaining costs to trend lower through the rest of the year due to higher output at Karma and Nzema, as well as better grades at Ity.
Endeavour recently announced that an optimization study for its Ity gold-silver project is expected to be released in September.
The study will be based on a larger carbon-in-leach plant of about 4 million tonnes per annum, up from the previously planned 3 million-tonne-per-annum plant.