Proactive Investors - Run By Investors For Investors

Endeavour increases interest in Ivory Coast mine to 85% in deal with soccer legend

Under the deal, a company owned by Didier Drogba was granted 1 million common shares
Map of West Africa
The company is active in the Birimian greenstone belt of West Africa

Endeavour Mining Corp (TSE:EDV) said Friday that it has increased its ownership stake in the Ity mine to 85%.

The London-based miner said in a press release that in exchange for the additional 5% interest in the Ivory Coast mine, Endeavour granted DYD International Holding Ltd., a company owned by retired soccer star Didier Drogba, 1 million common shares.

READ: Endeavour Mining closes sale of Tabakoto gold mine in Mali

The total consideration is about US$15 million. The transaction was signed on December 21 and closed Thursday evening.

The Ivory Coast government owns 10% of the mine and a government-owned mining company owns the remaining 5% stake.

Endeavour Mining is active in the highly prospective Birimian greenstone belt in West Africa.

Shares of Endeavour slipped C$0.30 to C$21.44 in Friday’s Canadian trading.

Last month, the company said it had completed the sale of its interest in the Tabakoto mine in Mali to Algom Resources Ltd, a subsidiary of BCM International Ltd.

Contact Dennis Fitzgerald at [email protected]

View full EDV profile View Profile

Endeavour Mining Timeline

Related Articles

1556112129_Scotgold---Richard-Gray-at-Tyndrum.jpg
April 24 2019
Scotgold will pour its first gold at Cononish before the year end
1553516515_Gold-bar-plus-nugget.jpg
March 25 2019
Recent production numbers from Pan African's operations give plenty of grounds for encouragement
A gold pour
February 19 2019
At the Santana project, the group s now awaiting final permit approval for commercial operations
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use