JOHANNESBURG (miningweekly.com) – TSX-listed Endeavour Mining has reached a price agreement with the government of Côte d'Ivoire to increase its stake in the Ity mine to 80%.
Government approved the previously announced in-principle agreement for State-owned mining company Sodemi to sell a 25% shareholding in the Ity mine to Endeavour.
Endeavour will pay a one-off sum of $52-million plus $5/oz of additional reserves added post December 31, 2016.
The acquisition should be effective in the coming weeks, once the legal documentation is executed.
"This is an important step in continuing to develop our internal growth strategy as Ity has the potential to become one of our flagship assets, in addition to Houndé, which is on schedule for a first gold pour in the fourth quarter,” CEO Sébastien de Montessus said.