With seven mines across three countries, and record annual discoveries in 2021, how do you envision Endeavour’s asset portfolio in five years’ time?

We remain focused on growing the company organically through exploration and developing the assets we have. In particular, the Sabodala-Massawa expansion project in Senegal, which will expand the processing capabilities and ultimately boost production, is progressing well, on budget and on schedule. Regarding greenfield projects, the DFS for the Lafigué development project in Côte d’Ivoire is due to be published in Q3-2022. On the exploration side, last year, we announced our goal to discover between 15 and 20 million oz Au by 2026. We are making good progress towards this goal with over 250,000 m drilled already this year. 

Why do you believe in West Africa as an investment destination?

It is the second largest global gold producing region, accounting for 13% of global gold production in 2021 and is also the leading region for global gold discoveries.

Not only this, but the countries we operate in have established and modern mining codes consistent with international principles. In addition, these countries have clear and swift permitting processes, which means that the time from discovery to production can be as little as three years. Over the last decade, there has been over 90% growth in production.

Could you highlight the key takeaways from the Sabodala-Massawa DFS?

Endeavour acquired the Sabodala-Massawa complex as part of the Teranga Gold acquisition in February 2021, which included the Sabodala mill and deposits and the nearby Massawa deposits, that are within trucking distance of the plant. Endeavour's planned mine expansion will transform Sabodala-Massawa into a top-tier gold asset.

The DFS for Phase 2, which was published in April 2022, recommended the expansion of the Sabodala-Massawa complex by supplementing the current 4.2 million t/y Carbon-in-leach (“CIL”) plant with a 1.2 million t/y BIOX® plant to process the high-grade refractory ores from the Massawa Central Zone and Massawa North Zone deposits. Construction of Phase 2 expansion began in Q2-2022 with first production from the new BIOX® plant expected in early 2024.

We are very excited about this expansion, which we will believe will extend the life of mine out to 2036.

Endeavour launched its new ESG strategy in June 2021. Could you explain your approach to ESG?

A good example of this is the Endeavour Foundation, which we created last year to be our primary vehicle for implementing regional, national and cross-border ESG projects. The Foundation works in partnership with global experts and local authorities who can bring the required know-how in these different areas to help us reach our goals.

The Foundation is currently working on a variety of initiatives in education, environmental protection and health. One such project is the ‘One Village Without Malaria’ project, a partnership between the Endeavour Foundation and the Burkina Faso Ministry of Health and Public Hygiene. This joint project aims to strengthen care in communities and at health and social centres, as well as provide comprehensive information, advocacy sessions, and vector control activities. We have committed 100 million CFA to the project and hope to reduce malaria by 90% by February 2023 and to achieve a 0% malaria mortality rate by June 2023.

Stakeholders, from civil society to investors, expect businesses to generate profit while working to protect the environment and mitigate any negative impacts from their operations. There are a number of initiatives and targets underway at Endeavour to ensure we are playing our part. Our ultimate ambition is to be Net Zero by 2050 and, in the interim, achieve a 30% reduction in emissions intensity by 2030 for Scope 1 and 2 emissions.

As part of our efforts to reach these targets, we are integrating cleaner and more efficient energy sources into our operations. We have identified solar power projects at our Houndé and Sabodala-Massawa mines and are currently evaluating the potential for more renewable energy opportunities across our assets.

Our environmental management approach does not just consider addressing climate change, but encompasses other important priorities such as water stewardship, conserving biodiversity and reducing plastic waste, a material issue in our host countries.

You won the “CEO of the Year Award” at Mines and Money (2021). How is the role of the CEO changing?

The role of a CEO nowadays is multifaceted and involves juggling a range of competing priorities, from generating sustainable growth and delivering shareholder value, to tackling climate change, developing employees and addressing the needs of local stakeholders.

Crucially, as a CEO of a company in an emerging market economy, you have to be mindful to address these issues through the eyes of local stakeholders and those who are most impacted by your business – whether that be your employees, the communities around your mines, the national authorities, the biodiversity of the surrounding environment, or your international stakeholders, such as your shareholders.

Endeavour has a very strong institutional shareholding. How do you think investors are rating the gold industry today?

With continued volatility in the markets, stemming from the geopolitical and inflationary environment, we are seeing a renewed interest in gold as the gold price continues to be relatively stable and investors are turning to it as a safe haven commodity.

We expect to see continued appetite in gold from a range of investors who appreciate the capital returns available, as well as the impact of the steady gold price which remains conducive to strong free cashflow generation.

We are now the largest pure gold producer listed in London, and we believe that with our track record, we offer an attractive investment proposition. Whether they are focused on precious metals, growth, income, or ESG, we have something to offer everyone from the generalist to the specialist.