logo-loader
viewEndeavour Mining Corp

Endeavour Mining to sell non-core Tabakoto mine in Mali for US$60mln

Endeavour's current ownership at the mine ranges from between 80% to 90%, it said

1536067156_Aureus.JPG
Last year, Tabakoto (not pictured) produced 144,000 oz (ounces) of gold

African gold producer Endeavour Mining Corp (TSE:EDV) will sell its interest in its non-core Tabakoto mine in southwestern Mali to Algom Resources, a subsidiary of BCM Investments Ltd, for a total of US$60mln in cash.

Endeavour's current ownership ranges from between 80% to 90% depending on the pits, with the rest owned by the government.

"We are pleased to continue to pursue our portfolio management strategy through the sale of our non-core Tabakoto mine," said Sebastien de Montessus, Endeavour's president and chief executive.

READ: Endeavour Mining ramps up exploration efforts with Houndé mine in Africa

"This will increase our overall portfolio quality and allow management to focus on high cash-generating assets with low AISC and long mine lives.

"Tabakoto has been sold following a comprehensive review which determined that the capital investments required to reduce its AISC did not meet our capital allocation criteria."

Last year, Tabakoto produced 144,000 oz (ounces) of gold at an AISC (all-in-sustaining-cost) of $1,148 per ounce. Tabakoto produced 53,000 oz at an AISC of $1,298 per oz for the first half of 2018.

"We are very pleased for the opportunity to enter into this arrangement with Endeavour," said Algom's chief operating officer Peter Spivey.

"The Tabakoto mine has been well established as both an open pit as well as underground mining operation for a number of years and we recognize it has excellent geological potential to continue operating well into the future."

Endeavour operates five mines across Cote d'Ivoire (Agbaou and Ity), Burkina Faso (Hounde, Karma), and Mali (Tabakoto).

In addition, it aims, via exploration, to discover 10-15Moz (million ounces) of gold between 2017 and 2021, representing more than twice the reserve depletion during the period.

Quick facts: Endeavour Mining Corp

Price: 31.63 CAD

TSX:EDV
Market: TSX
Market Cap: $3.51 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Endeavour Mining Corp named herein, including the promotion by the Company of Endeavour Mining Corp in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Endeavour Mining's head of exploration and growth details his 2019 ambitions

Patrick Bouisset, executive vice president of exploration and growth at Endeavour Mining  Corporation (TSE:EDV), speaks to Proactive's Andrew Scott while in London. The miner has five operating mines in the Birimian greenstone belt - in the Ivory Coast, it has the Agbaou and Ity...

on 24/5/19

2 min read