|Endeavour Mining aka EDV made it to the big time last year by absorbing two mid-tier fellow African gold miners, and followed it up this year by gaining a senior listing on the LSE. Management's ambitions remain high, as evidenced by two PRs they issued today.|
The first concerns the issue of $500M of Senior Notes due in 2026, which will be used primarily to repay some high interest debt that they incurred during the recent takeovers.
EDV's reputation now rests on them being a reliable low cost producer with a solid pipeline of growth opportunities, and today's second PR lays out a target for the discovery of 15-20M more ounces of Indicated Resources over the next five years at a cost of less than $25/oz. This will allow them to extend the mine life of various projects plus establish new greenfield operations. Most of the growth in resources is expected to occur at existing operations, and the bulk of the PR consists of a mine by mine layout of their plans, and based on their track record, it seems very likely they will be able to accomplish their goals based on the 70 targets they have identified.
A presentation and a video are linked in the PR.