EDVMF - Endeavour Mining sells two Burkina Faso mines for more than $300M

2023-06-30 06:47:12 ET

Endeavour Mining ( OTCQX:EDVMF ) said Friday it has sold its 90% interests in the Boungou and Wahgnion mines in Burkina Faso to Lilium Capital for more than $300M, comprised of upfront and deferred cash as well as net smelter return royalties.

As a result of the sale, Endeavour ( OTCQX:EDVMF ) expects full-year gold production guidance to fall to 1.06M-1.135M oz from its previous outlook of 1.325M-1.425M oz, while guidance for all-in sustaining cost improves by $45/oz to $895-$950/oz.

Endeavour ( OTCQX:EDVMF ) will earn a 4% NSR of gold sold at both mines, with Bougnou expected to generate $52M over its life of mine and Wahgnion $41M, the company said.

More on Endeavour Mining:

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