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Endeavour sells Tabakoto to BCM for US$60M

Endeavour Mining (TSX:EDV) has found a buyer for its Tabakoto gold mine in BCM Investments’ West African mining development company Algom Resources, which will pay US$60 million for the asset.
Endeavour sells Tabakoto to BCM for US$60M Endeavour sells Tabakoto to BCM for US$60M Endeavour sells Tabakoto to BCM for US$60M Endeavour sells Tabakoto to BCM for US$60M Endeavour sells Tabakoto to BCM for US$60M

Endeavour expects the sale of Tabakoto to be completed in the December quarter

Staff reporter

The sale is expected to be completed in the December quarter.

Endeavour said in its June quarter results it had decided to sell the non-core mine in Mali after a comprehensive review determined that the capital investments required to reduce the mine's all-in sustaining costs (AISC) did not meet Endeavour's criteria.

CEO Sébastien de Montessus said the sale would increase the company's overall portfolio quality and allow management to focus on high cash generating assets with low AISC and long mine lives that would deliver the right returns for shareholders.

He said BCM was a "longstanding partner with the right set of skills, expertise, and investment capabilities to maximise Tabakoto's operational performance", and would continue to develop the mine as it did with the Nzema mine it acquired from Endeavour earlier in the year.

Algom COO Peter Spivey said the company would be investing in further drilling to secure the pipeline of openpit and underground ore resource targets identified by Endeavour.