Endeavour acquired a majority stake in the Wahgnion mine in 2021. Credit: Vladimir Patkachakov on Unsplash.

UK-based Endeavour Mining has divested 90% stakes in its Boungou and Wahgnion mines in Burkina Faso to Lilium Capital’s subsidiary Lilium Mining for more than $300m (£236.79m).

The deal consideration comprises upfront and deferred cash considerations, as well as net smelter return royalties (NSR).

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

As per the deal, Endeavour Mining will receive $130m by 31 July 2023 via reimbursement of historical shareholder loans.

The company will also receive $25m in deferred cash consideration, which is payable in two instalments.

Furthermore, Endeavour Mining will receive NSR on the Boungou and Wahgnion mines, commencing immediately, for 4.0% of gold sold.

See Also:

Endeavour Mining president and CEO Sébastien de Montessus said: “In line with our strategy of actively managing our portfolio to focus management efforts on higher quality assets, we are pleased to announce the sale of our non-core Boungou and Wahgnion mines to Lilium Mining.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We believe that Lilium Mining is well positioned to continue to unlock value at the Boungou and Wahgnion mines for the benefit of all stakeholders.”

Endeavour purchased the Boungou open-pit mine on the highly prospective Birimian Greenstone Belt in July 2020, as part of its acquisition of Canadian-based mining company SEMAFO.

The mine is 90% owned by Endeavour while the remaining 10% stake is owned by the State of Burkina Faso.

Endeavour acquired a 90% stake in the Wahgnion mine as part of its acquisition of Teranga Gold in 2021.

The State of Burkina Faso owns the remaining 10% stake in the Wahgnion mine, which comprises several open-pit operations on the Birimian Greenstone Belt.