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Endeavour increases interest in Ivory Coast mine to 85% in deal with soccer legend

Under the deal, a company owned by Didier Drogba was granted 1 million common shares

Map of West Africa
The company is active in the Birimian greenstone belt of West Africa

Endeavour Mining Corp (TSE:EDV) said Friday that it has increased its ownership stake in the Ity mine to 85%.

The London-based miner said in a press release that in exchange for the additional 5% interest in the Ivory Coast mine, Endeavour granted DYD International Holding Ltd., a company owned by retired soccer star Didier Drogba, 1 million common shares.

READ: Endeavour Mining closes sale of Tabakoto gold mine in Mali

The total consideration is about US$15 million. The transaction was signed on December 21 and closed Thursday evening.

The Ivory Coast government owns 10% of the mine and a government-owned mining company owns the remaining 5% stake.

Endeavour Mining is active in the highly prospective Birimian greenstone belt in West Africa.

Shares of Endeavour slipped C$0.30 to C$21.44 in Friday’s Canadian trading.

Last month, the company said it had completed the sale of its interest in the Tabakoto mine in Mali to Algom Resources Ltd, a subsidiary of BCM International Ltd.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

Quick facts: Endeavour Mining Corp

Price: 34.53 CAD

TSX:EDV
Market: TSX
Market Cap: $5.63 billion
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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