Following the go-ahead of the merger by Canadian authorities in late June, the C$1 billion combination of Endeavour Mining and SEMAFO became effective on 1 July 2020.
SEMAFO is now a wholly-owned subsidiary of Endeavour Mining, and the shares of SEMAFO will be delisted from the Nasdaq Stockholm and from the Toronto Stock Exchange.
SEMAFO President and CEO, Benoit Desormeaux, has joined Endeavour as President, while SEMAFO CFO, Martin Milette, who was meant to join Endeavour as CFO, has informed Endeavour that, for personal reasons, it is not feasible to relocate to London. Henri de Joux, Endeavour’s executive VP of people and information technology, is currently acting as Interim CFO, leveraging his experience as CFO prior to joining Endeavour.
Also effective 1 July 2020, Olivier Colom and Wayne McManus have retired from Endeavour’s board and Helene Cartier and Tertius Zongo, both nominees of SEMAFO, are joining the Endeavour board. Alison Baker will succeed McManus as chairperson of the Audit Committee.
Following the appointments, Endeavour’s board is composed of nine members, of which eight are independent directors and non-executive directors: Chairman Michael Beckett, James Askew, Alison Baker, Sofia Bianchi, Helene Cartier, Livia Mahler, Naguib Sawiris, Tertius Zongo, and Sébastien de Montessus as executive director and CEO.
To reflect SEMAFO’s entitlement to nominate three directors, Endeavour anticipates that it will add an additional independent non-executive director with a technical background to further balance the current board expertise and strength.
Endeavour intends to update its Group 2020 production and cost guidance, incorporating the operations of SEMAFO, as part of its Q2, 2020 financial and operating results, scheduled to be published in early August.
Endeavour Mining is now one of the top 15 gold producers globally and the largest in West Africa with six mines, supported by a robust pipeline of development projects and a significantly enhanced exploration portfolio focused on the highly-prospective Birimian Greenstone Belt, in West Africa.