Endeavour Mining has poured the first gold from the expanded mine in Senegal

Endeavour Mining (LON, TSX: EDV) announced on Monday, April 18, that it had achieved a significant milestone by pouring the first gold from its expanded mine in Senegal. This accomplishment signifies the successful completion of the BIOX expansion project, which was delivered both on schedule and within budget.

Backed by Egyptian billionaire Naguib Sawiris, the miner stated that this milestone was achieved two years after the construction of the expansion began. The company further highlighted that it is progressing towards achieving its 2024 production target, which is set between 1.13 million and 1.27 million ounces of gold.

The expansion project is anticipated to commence commercial production towards the end of the second quarter, gradually increasing to its full capacity of 1.2 million tonnes annually in the third quarter.

The $290 million Sabodala-Massawa BIOX expansion marks the fourth capital project that Endeavour Mining has successfully completed within the last decade.

"This accomplishment underscores the exceptional quality of our projects team and our competitive edge in West Africa," stated Chief Executive Ian Cockerill in the announcement.

The gold mining company is now redirecting its focus towards the delivery of the Lafigué project in Côte d'Ivoire, which is anticipated to commence in the upcoming weeks, representing a significant advancement of a full quarter ahead of the original schedule.

This news brings a breath of positivity to Endeavour Mining's recent track record, which had been overshadowed by the dismissal of its former president and chief executive officer, Sébastien de Montessus, earlier this year due to serious misconduct.

The announcement also comes on the heels of accusations of misrepresentation regarding the sale of two African gold mines, Wahgnion and Boungou in Burkina Faso, as the aftermath of the terminated executive's tenure continues to unfold.