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.
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