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January 5, 2018

Endeavour Mining completes sale of Nzema mine in Ghana

Endeavour Mining has sold BCM International 90% of an interest in the non-core Nzema gold mine, located around 70km from Takoradi in south-west Ghana.

Endeavour Mining has sold BCM International 90% of an interest in the non-core Nzema gold mine, located around 70km from Takoradi in south-west Ghana.

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Upon closing, the company received a payment of $38.5m relating to the first two payments.

Over the course of 2018 and 2019, the company will receive additional deferred payments of up to $25m, conditional upon reaching certain agreed milestones relating to mine free cash-flow generation.

The parties signed the agreement for the transaction in August last year.

“The sale of Nzema fits into our stated strategic objective of actively managing our asset portfolio to improve its overall quality.”

At the time of signing the agreement, Endeavour Mining president and CEO Sebastien de Montessus said: “The sale of Nzema fits into our stated strategic objective of actively managing our asset portfolio to improve its overall quality.

“The sale also enables us to further streamline our efforts on long-life low-cost operations, with two in Mali, two in Burkina Faso, and two in Ivory Coast.

“BCM has extensive experience in Ghana, where it is headquartered, and we believe it has the right set of skills and capabilities to take Nzema beyond its current three-year mine life, for the benefit of all its stakeholders, including employees, the government of Ghana, and local communities.”

The Ghana Government holds a 10% interest in the mine, which is an open-pit mining operation with a 1.6Mtpa gravity/CIL processing facility.

In 2016, production at the mine stood at 87,710oz of gold.

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