Endeavour Mining to combine with SEMAFO to create leading West African-based gold miner
The deal brings together six mines with strong cash flow into one portfolio, the opportunity to optimize assets, and a growth pipeline
Company
TSE:EDV
Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Côte d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets. A member of the World Gold Council, the company is committed to the principles of responsible mining and delivering meaningful value to people and society.
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The deal brings together six mines with strong cash flow into one portfolio, the opportunity to optimize assets, and a growth pipeline
The firm enacted a business continuity plan for its four operations across Côte d’Ivoire and Burkina Faso, including a mandatory 14-day quarantine for any new arrivals
The miner is focused on West Africa and operates four mines across Côte d’Ivoire and Burkina Faso
Alison Baker is currently a non-executive director and audit committee chair at KAZ Minerals and Helios Towers
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La Plaque has a maiden proved and probable reserve of 5.5 Mt at 2.34 g/t of gold for 415,000 ounces
It achieved output guidance in 2019 for the seventh year in a row, at 651,000 ounces of gold, up 6% from 2018
The Canadian miner said the quality of information received ahead of its offer deadline had been " insufficient" for it to be confident in proceeding with its merger efforts
As revealed on December 3 this year, Endeavour lodged an all-share bid for the miner
Endeavour remains convinced of the "strategic rationale" of combining both companies, it said
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Under the terms of the offer, investors will receive 0.0846 shares in Endeavour for each Centamin share owned
It means Houndé’s highest confidence measured and idicated (M&I) resources have now increased by 32% to 4.1 Moz gold
The capacity has been lifted to be able to handle 5 million tonnes per annum (Mtpa) of ore from 4 Mtpa previously
CEO Sébastien de Montessus,said the strong net free cash flow generated in the quarter marked an “important milestone”
Sofia Bianchi has over 30 years of experience in capital markets, including helping to establish the first African infrastructure fund focused on private sector projects
More than US$5 billion has been spent on exploration in West Africa over the past decade
The miner first began exploring the property back in March 2017 and a maiden resource was published last October
Posting second quarter results for the three months to end June, the miner said it was well positioned to meet full year output guidance
London lacks a gold mining champion of any real substance
The region hosts several major gold projects with multi-million-ounce deposits.
Connelly’s impressive track record for deal-making in Africa includes the US$570 million merger of Papillon Resources with B2Gold Corp.
In addition, the measured and indicated resource together at the Ity mine is now up 11%
The three discoveries of Kari Pump, Kari West and Kari Center are within the large 6km by 3km Kari anomaly
The maiden reserve at the Kari Pump area of 710,000 ounces lifted Houndé’s total reserves by 41%
Irvine will take over from Vincent Benoit, who is departing on August 1 this year
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Recent construction successes cement West Africa's position as one of the premier regions in which to go gold mining
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The Ity CIL project is expected to produce between 160,000 to 200,000 ounces in 2019 at a cost of around US$590 per ounce
Now, commercial production at the site is expected to be declared in the early second quarter of 2019
The company announced Ian Cockerill has stepped down from its Board of Directors
The miner has five operating mines in the Birimian greenstone belt
The industry veteran makes a lateral move from Centamin PLC
Ore is expected to be introduced into the process plant milling circuit in the coming days, the group said
In the Ivory Coast, the company has the Agbaou and Ity projects. In Burkina Faso there is the Houndé mine and Karma mine, and in Mali, it has the Tabakoto mine
Under the deal, a company owned by Didier Drogba was granted 1 million common shares
In Toronto, the company is keeping its ABX symbol, while in New York the ticker is GOLD
Gold intercepts were returned in most holes drilled by Toro Gold Limited in a 2,000-metre program.
Edison estimates that the Kari Pump gold discovery will have a value of US$117 million, or US$1.09 per share
The resource is for the Lafigue target and the firm has also identified 14 further nearby targets
Some of the biggest names in gold mining are now present in Cote d'Ivoire
Nearly 32,000 meters have been sunk on the priority property during 2017-2018, the group said
Endeavour's current ownership at the mine ranges from between 80% to 90%, it said
Previous drilling intersected 7.5 metres at 16 g/t gold from surface.
“Although M&A got itself a bad name as the result of over-enthusiastic prices being paid for assets at the top of the cycle, it remains a mechanism through which companies both build their businesses or transform their status,” the analysts
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Gold production for the year came in at 829,705oz – a 12% increase on 2015’s figures
“We believe this merger would make sense, add value, and create capex synergies,” says Deutsche Bank analyst Franck Nganou.
Endeavour Mining Corporation announced on Monday a maiden Mineral Resource estimate for its recent Bakatouo and Colline Sud discoveries at its Ity Gold Mine in Cote d'Ivoire
Kodal Minerals has some big mining players helping it out in West Africa, although on some projects the upside is all its own
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A recent acquisition and a home-grown opportunity mean costs are only going one way - down.
“One thing we have is grade,” says CEO David Reading. “The other thing we have is strong people. It’s a testimony to them that we’ve actually built it.”