Endeavour sells Mali mine for $60m
TSX-listed Endeavour Mining has agreed to sell another mine to BCM Investments, this time the Tabakoto mine, in Mali.
Endeavour on Tuesday announced a binding agreement to sell Tabakoto to Algom Resources – a subsidiary of BCM – for $60-million. Last year, the company sold the Nzema mine, in Ghana, to BCM for $65-million.
Endeavour CEO Sébastien de Montessus explained that the capital requirements needed to reduce the all-in sustaining costs (AISC) of Tabakoto did not meet the company’s capital allocation criteria.
Tabakoto is an openpit and underground mining operation with a 1.4-million-tonne-a-year processing facility. In 2017, the mine produced 144 000 oz of gold at an AISC of $1 148/oz. Tabakoto produced 53 000 at an AISC of $1 298/oz for the first half of 2018.
De Montessus added that the sale would increase Endeavour’s overall portfolio quality and allow management to focus on high cash generating assets with low AISC and long mine lives.
“We believe this transaction will benefit Tabakoto's stakeholders, including employees, the government of Mali, and local communities as BCM Investments is a longstanding partner with the right set of skills, expertise, and investment capabilities to maximise Tabakoto's operational performance. We are confident that Algom will ensure a smooth transition and will continue to develop the mine, as was demonstrated with their previous Nzema acquisition last year."
The agreement is binding and the transaction is expected to close in the fourth quarter.
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