Endeavour Mining Corp (TSX:EDV) said Monday it has completed the sale of its interest in the Tabakoto mine to Algom Resources Ltd, a subsidiary of BCM International Ltd.
As part of the transaction, London-based Endeavour will retain its greenfield exploration tenements about 20 kilometers (12 miles) north of the Tabakoto processing plant, on trend with Randgold Resources Ltd's Loulo mine. These relate to a portion of the Kofi and Netekoto tenements.
Following further discussions, Endeavour and BCM agreed to amend the Tabakoto sale terms.
The total sale price has been increased to about $70 million, compared with the previously disclosed $60 million upfront cash consideration.
The consideration is now composed of an upfront cash consideration of $35 million, which was received Monday; a deferred cash consideration of $10 million in 2019, subject to certain conditions; and a 10% net smelter royalty on the Dar Salaam deposit, capped at a maximum of 200,000 ounces of gold.
The Tabakoto gold mine is about 360 kilometers (220 miles) west of Bamako in southwestern Mali, near the Senegal border. Endeavour Mining operates as an intermediate gold producer in West Africa.
Contact Rene Pastor by [email protected]