Endeavour Mining's Sabodala-Massawa complex in Senegal has consistently landed among the lowest all-in sustaining cost gold mines outside North America, with reserve life of well over a decade at current mining rates. Company disclosures and independent broker research through 2025 and into 2026 have reinforced the same picture.
Executive summary
Sabodala-Massawa is the quiet counter-argument to the West Africa risk premium: a low-cost, long-life asset in a jurisdiction that has kept its side of the bargain.
- Desk
- Producers
- Stance
- Constructive
- Sources
- 2 cited
- Reading
- 5 min
Section 01
Why the asset matters
Section 02
The 2026 catalyst
Management has flagged a decision on the BIOX expansion within 2026, which would meaningfully extend the sulphide processing window. In a year where most of West African gold coverage is dominated by fiscal renegotiations further inland, an operational catalyst on a well-run Senegalese asset is a useful counterweight.
Management has flagged a decision on the BIOX expansion within 2026, which would meaningfully extend the sulphide processing window.
Data visualiser
All-in sustaining cost distribution, producer sample
- Q1 low1,180
- Median1,465
- Q3 high1,720
- Marginal1,985
| Stage | Value (US$/oz) |
|---|---|
| Q1 low | 1180 |
| Median | 1465 |
| Q3 high | 1720 |
| Marginal | 1985 |
Reported AISC for the producers covered by the markets desk this quarter.
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Sources and further reading
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