West Africa-focused Endeavour Mining buys rival Avion Gold for CAD 389mn.

By bne IntelliNews August 9, 2012
West Africa focused gold miner Endeavour Mining said it has entered into a definitive agreement to buy 100% of another West Africa-focused miner, Avion Gold, in an all-share deal valued at CAD 389mn (EUR 316.4mn). The acquisition will immediately increase Endeavour's projected gold production for 2012 by approximately 50% to 282,000 - 304,000 ounces, the company said in a statement. The acquisition of Avion will create one of the largest West African mining companies with three producing mines, a fourth mine currently in construction, and an attractive pipeline of exploration and resource development properties, it added. Endeavour owns two gold mines with an annual output of about 195,000 ounces in Ghana and Burkina Faso, while Avion runs the Tabakoto gold mine in Mali, which is expected to produce 95,000 to 102,000 ounces of gold this year. Both companies, which are listed in Canada, have other projects in the region of West Africa at various development stages. Endeavour COO Mark Connelly told Reuters that the company is targeting two other Canadian-listed West African miners.

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss