This follows an inability to reach an agreement that it believed would create adequate value for Endeavour Mining’s shareholders.
Endeavour Mining confirmed in mid-January 2017 that it was in preliminary discussions with Acacia Mining (Acacia) regarding a potential transaction.
“Our main focus is to create long-term value for our shareholders by advancing the strong organic growth opportunities within our portfolio, which include both the Houndé and Ity CIL projects and our ambitious five-year exploration programme,” states Endeavour Mining president and CEO, Sébastien de Montessus.
“We will continue to maintain a disciplined approach to business development opportunities and only enter into transactions that we believe are aligned with our long-term strategic objectives and that create value for our shareholders,” he continues.
Brad Gordon, CEO of LSE-listed Acacia Mining states: “We are focused on creating value for our shareholders, as has been demonstrated by the successful and ongoing transformation of the business over the last three years together with our disciplined approach to mergers and acquisitions.”
“We believe we will continue to unlock significant value at our operations in Tanzania, which are the foundations of our business, and are excited by the potential of the recently announced high-grade discovery in Kenya as we continue our journey towards creating a pan-African mining company,” he concludes.
Featured image credit: Endeavour Mining