PERTH (miningweekly.com) – Gold miner Endeavour Mining has divested of its 38.5% shareholding in TSX-listed Namibia Rare Earths in a deal worth $5.3-million.
The dual-listed miner said that it sold its 30-million shares in Namibia Rare Earths at a price of 18c a share.
Namibia Rare Earths is developing the Lofdal project, which covers some 200 km2 of carbonatite complex.
Endeavour currently owns three gold mines in Africa, which produce more than 300 000 oz/y. The company’s yearly gold production is forecast to reach 450 000 oz/y by 2014, with the completion of a fourth mine.
The ASX- and TSX-listed company was also undertaking a feasibility study on a fifth project, which could increase its output by a further 160 000 oz/y.