Endeavour Mining has formed a joint venture with Randgold Resources over their properties located in the northern region of Ivory Coast.
The JV covers the companies’ adjacent Sissedougou and Mankono exploration properties.
Pursuant to the agreement, Randgold will hold a 70% interest in the JV, while Endeavour will own the remaining 30% interest.
Endeavour Mining president and CEO Sébastien de Montessus said: “As the two largest producers in Côte d’Ivoire, with a strong presence in West Africa, both companies welcome the opportunity to increase their cooperation.
“This JV will allow us to accelerate exploration on our Sissedougou property while we continue to focus our efforts on our 100%-controlled 80km corridor along our Ity mine, which our exploration strategic review identified as our highest priority.”
Randgold will assume operatorship of the JV, while both companies are expected to contribute to the annual exploration budget, proportionate to their shareholdings.
Meanwhile, the firms approved a $3.8m exploration campaign between now and next year.
In 2015, Endeavour acquired the Sissedougou property from La Mancha.
The company restarted exploration at the property earlier this year as part of its greenfield programme after close to four years of inactivity.
A trenching programme conducted by Randgold at the Mankono property intercepted a mineralised system over a 300m-wide corridor and 1km strike.