Endeavour to progress CEO probe “as quickly as possible”

ENDEAVOUR Mining said it planned to progress an investigation into the activities of its former CEO Sébastien de Montessus “as quickly as possible”.

De Montessus was dismissed earlier this month following an investigation into a costs order he granted to an unnamed security company.

Although not specified by the company, the disposal is thought to relate to the sale of the Agbaou mine in Côte d’Ivoire in 2021.

Endeavour said that in a separate development, allegations were made against De Montessus in October via the company’s confidential whistle blowing channel “relating to this personal conduct with colleagues”.

De Montessus accepted a lapse in judgement in failing to alert the board of the cost order but added he did not benefit financially.

In his stead, Endeavour deputy chairperson Ian Cockerill has stepped into the role. He said this week he was “honoured” to take over running of Endeavour at “a pivotal time” in part owing to the firm’s growth prospects.

“I look forward to continuing to implement the strategy approved by the Board and lead the Company forward for the benefit of all our stakeholders,” he said.

Commenting in its fourth quarter production update, Endeavour production would increase to between 1.13 to 1.27 million ounces this year owing to two project start-ups.

The Lafigué project construction was on budget and ahead of schedule for the second quarter (previously third quarter). Lafigué would contribute 110,000 oz in production for 2024 at an all in sustaining cost of below $975/oz.

The expansion of Sabodala-Massawa was scheduled for the second quarter and is forecast to ramp up to 400,000 oz this year at an AISC of $850/oz.

Endeavour produced 1.07 million oz in its 2023 financial year after registering fourth quarter output of 280,000 oz. AISC for the 12 months was $964/oz.

As previously flagged, Endeavour announced a $100m final dividend for 2023 taking the total dividend to $200m for the year – 14% above the committed payout. The firm also bought back $26m of its shares. Endeavour repurchased $66m of its share last year.

In terms of other growth prospects, the firm’s Tanda-Iguela prospect in Côte d’Ivoire could become a 400,000 ounce a year mine, according to previous estimates.

The property is one of several exploration sites as part of five year strategy aimed at discovering 20 million ounces of gold.