https://www.engineeringnews.co.za

Endeavour signs settlement agreement with Lilium

The Wahgnion operation

The Wahgnion operation

27th August 2024

By: Sabrina Jardim

Senior Online Writer

     

Font size: - +

London-listed Endeavour Mining and Lilium Gold have signed a settlement agreement involving the State of Burkina Faso, in respect of the divestment of the Boungou and Wahgnion mines.

Pursuant to the agreement, Lilium will transfer the ownership of the Boungou and Wahgnion mines to the State and Endeavour will receive a cash consideration of $60-million, comprised of a $15-million upfront cash payment, $15-million payable by the end of the third quarter of this year and the final $30-million payable by the end of this year.

Endeavour, which is also listed on the TSX, will also receive a 3% royalty on up to 400 000 oz of gold sold from the Wahgnion mine.

On this basis, Endeavour and Lilium have agreed to cease the current legal proceedings against each other, says Endeavour.

As previously reported by newswire Bloomberg, Endeavour was accused by Lilium of misrepresentation over the sale of the two African gold mines. Lilium made the allegations after buying the Wahgnion and Boungou projects in June 2023.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.057 0.948s - 140pq - 2rq
Subscribe Now