Endeavour Mining has entered into an agreement to sell its 85% interest in its non-core Agbaou mine in Côte d’Ivoire to Allied Gold Corp for a consideration of up to $80 million with further upside through its equity exposure and a Net Smelter Return royalty.
Sébastien de Montessus, President and CEO of Endeavour, comments:
“The sale of our interest in the Agbaou mine to Allied Gold is in line with our strategy of actively managing our portfolio to focus management efforts on high margin, long-life core assets.
“Agbaou has been a highly cash generative asset which facilitated the organic development of Houndé and Ity, and given that it has now become non-core to Endeavour, we firmly believe that this transaction is in the best interests of all of Agbaou’s stakeholders, including the Government of Cote d’Ivoire, local communities and the employees themselves.
“This transaction will ensure mining activities can continue for many years to come through the creation of the Bonikro-Agbaou complex.
“We are very proud of what we have accomplished at Agbaou as we have installed a strong and capable team, which is now led by an Ivorian General Manager, supported by a number of local employees in leadership positions, ensuring we leave behind a strong legacy.”