Ity mine boosts output for Sawiris-backed Endeavour Mining

Ity, Côte d’Ivoire’s oldest operating gold mine, has become the top producer for Endeavour Mining, the Africa-focused gold company backed by Egyptian billionaire Naguib Sawiris. Since Endeavour acquired the mine in 2015, output has surged, making it a major contributor to Sawiris’ wealth and solidifying its place in the company’s portfolio.

The mine poured its first gold in 1991 and has produced more than 1.4 million ounces since. Endeavour initially acquired Ity in 2015 and increased its stake to 85 percent in 2018 with the construction of a new carbon-in-leach (CIL) plant. Since then, annual output has more than quadrupled, with the mine expected to operate for at least another decade. Exploration continues around the site to identify high-grade deposits.

Ity shines in gold production

Ity remains central to Endeavour’s operations. In the first nine months of this year, it produced 245,000 ounces of gold, valued at nearly $1 billion, representing 26 percent of the company’s total output. The mine is projected to sustain production above 250,000 ounces annually over its expected 10-year life, keeping it at the top of Endeavour’s portfolio.

Before Endeavour’s takeover, Ity was a medium-scale operation, producing about 600,000 ounces in its first two decades. The deal with Sawiris and his family, finalized at the end of 2015, marked a turning point. Endeavour invested heavily to modernize the mine, commissioning the $412 million CIL plant in April 2019. The plant’s capacity has since grown to process 5 million tons annually, thus pushing production to a peak of 343,000 ounces in 2024.

Naguib Sawiris’ Endeavour Mining stake hits $1.4 billion

Rising gold prices have amplified gains from the mine. Bullion recently climbed above $4,000 per ounce, fueled by trade and geopolitical uncertainty, central bank purchases and investor demand. Sawiris’ stake in Endeavour has surged to nearly $1.4 billion, propelling his estimated net worth to $9.58 billion. He also holds a $418 million stake in Australia’s Evolution Mining and has expanded his wealth through real estate, technology, hospitality and media investments.