Endeavour
Ity mine, Endeavour Mining
TSX-listed Endeavour Mining has completed the transaction with the government of Côte d'Ivoire to increase its stake in the Ity mine from 55% to 80%.

To mark this important moment, and as a further demonstration of support for the upcoming development of the Ity CIL project, in attendance were numerous Côte d’Ivoire government officials including the minister of budget and state holdings Abdourahmane Cissé, the minister of economy and finance Adama Koné, the minister of industry and mines Jean Claude Brou, the president of the privatisation committee Christian Koffi, the general director of state holdings Seydou Bamba, SODEMI’s chairman Bamba Yacouba and SODEMI’s GM Kadjo Kouame.

Under the terms of the agreement, Endeavour Mining paid US$52 million for the purchase of the additional 25% stake in the Ity mine. Endeavour Mining has also committed to pay $5 per ounce of additional reserves added post 31 December, 2016, applicable only to the current mining permit which is now 80% owned.

Feature image credit: Endeavour Mining

(Activities at the Ity mine in Côte d’Ivoire)