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Mining News July 03, 2020 06:00:03 PM

Acquisition Creates West Africa’s Top Gold Producer

Paul Ploumis
ScrapMonster Author
The operating cash flow is expected to be around C$750 million this year.

Acquisition Creates West Africa’s Top Gold Producer

SEATTLE (Scrap Monster): The George Town, Cayman Islands-headquartered Endeavour Mining has emerged as the top gold producer in the West African region. This is further to completion of the previously announced acquisition of SEMAFO Inc. effective July 1, 2020. The $732 million acquisition deal was initially announced during the month of March this year.

According to company press release, SEMAFO has now become a wholly-owned subsidiary of Endeavour. The shareholders of SEMAFO received 0.1422 of an Endeavour ordinary share for each SEMAFO common share held by them. Benoit Desormeaux, Semafo’s president and chief executive has already assumed the role of Endeavour’s new president. Also, Henri de Joux, Executive Vice President of People and Information Technology, Endeavour, will be the acting Interim Chief Financial Officer.

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Endeavour Mining expects to produce more than one million ounces of gold in 2020. The operating cash flow is expected to be around C$750 million this year.

The company’s earlier announced $100 million La Mancha investment is expected to close soon.

An updated production and cost guidance for 2020 will be issued along with its Q2 results, scheduled to be published in early-August.

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