https://www.miningweekly.com

Endeavour, Acacia end merger talks

Acacia CEO Brad Gordon

Acacia CEO Brad Gordon

Photo by Bloomberg

22nd March 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

Font size: - +

VANCOUVER (miningweekly.com) – Canadian gold miner Endeavour Mining has halted discussions with London-listed Acacia Mining regarding a potential merger.

Endeavour, which operates a portfolio of gold mines in West Africa, has held talks with Acacia – which is majority owned by Canada's Barrick Gold – since mid-January.

In a separate statement, Acacia said it had concluded preliminary discussions with Endeavour but decided not to progress towards a combination of the companies, a deal that analysts have estimated would be worth about $4-billion.

Acacia earlier this month said it had stopped gold and copper concentrate exports from Tanzania following a ban by the government on the export of unprocessed ore, putting about 30% of its revenue at risk.

Tanzania is Africa's fourth-largest gold producer and Acacia its largest miner. The miner also has operations in Kenya, Burkina Faso and Mali.

“We believe we will continue to unlock significant value at our operations in Tanzania, which are the foundations of our business, and are excited by the potential of the recently announced high-grade discovery in Kenya as we continue our journey towards creating a Pan-African mining company,” Acacia CEO Brad Gordon stated.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT 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 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

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







sq:0.126 0.161s - 88pq - 2rq
Subscribe Now