PERTH (miningweekly.com) – Dual-listed gold miner Endeavour Mining has completed the acquisition of gold investment company La Mancha Holdings’ assets.
Endeavour’s shareholders in early November approved a partnership with La Mancha, would see the gold miner acquire La Mancha’s indirect 55% interest in Société des Mines d’Ity, which operates the Ity gold mine, in Côte d’Ivoire, through the issue of 177.1-million Endeavour ordinary shares, representing 30% of Endeavour’s enlarged share capital and equal to $77.9-million.
Endeavour reported on Monday that it had issued the shares, and that the company was officially producing 580 000 oz/y from five operating mines in four West African countries.
“This partnership secures Endeavour Mining’s platform for growth with the shared vision of creating a premier African gold producer,” Endeavour CEO Neil Woodyer.
“Over the last five years, Endeavour Mining has acquired four mines, completed two feasibility studies, successfully built the Agbaou mine, reduced our group all-in sustaining cost an ounce to the low $900s, established a pipeline that includes two low-cost projects, and we have unlocked significant exploration potential in Côte d’Ivoire and Burkina Faso.”
Woodyer said that numerous opportunities also existed for further regional consolidation that would benefit from Endeavour’s management and operational expertise.
Edited by: Creamer Media Reporter
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