Benoit Desormeaux has joined TSX-listed Endeavour Mining as president, following the completion of the company’s C$1-billion deal to create West Africa’s largest gold miner.
Desormeaux was the CEO and president of Semafo, which Endeavour bought in an all-share transaction.
Semafo’s CFO, Martin Milette, was set to be group CFO, but he has informed Endeavour that, for personal reasons, it is not feasible to relocate to London.
Henri de Joux, executive VP of people and information technology at Endeavour, is currently acting as interim CFO.
Endeavour also announced board changes, including the retirement of Olivier Colom and Wayne McManus. Semafo nominees Helene Cartier and Tertius Zongo have joined the board. Baker will succeed McManus as chair of the audit committee.
Following the appointments, Endeavour’s board is composed of nine members, of which eight are independent directors and nonexecutive directors: Chairperson Michael Beckett, James Askew, Alison Baker, Sofia Bianchi, Cartier, Livia Mahler, Naguib Sawiris, Zongo, and Sébastien de Montessus as executive director and CEO.
To reflect Semafo’s entitlement to nominate three directors, Endeavour said that it would add an additional independent nonexecutive director with a technical background to further balance the current board expertise and strength.
The common shares of Semafo will be delisted from the TSX on July 6, and have been delisted from the OMX.
Endeavour said it would update its group 2020 production and cost guidance, incorporating the operations of Semafo, as part of its second quarter financial and operating results, in early August.
The merger consolidated Semafo and Endeavour’s respective mines in the Houndé belt, in Burkina Faso. The companies previously said that the combined entity will have four cornerstone mines, totalling production of more than 800 000 oz/y, and increased capital allocation efficiency.