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Endeavour Mining PLC - London-based mining company focused on the Ivory Cost, Burkina Faso and Mali - Closes the sale of its 90% interest in the Karma mine in Burkina Faso. The sale is for $25 million plus a 2.5% net smelter return royalty. The interest is sold to Burkina Faso-based mining company Nere Mining. Endeavour lowers its production guidance from continuing operations to account for the removal of Karma to 1.3 million to 1.4 million ounces from 1.4 million to 1.5 million ounces.
President & CEO Sebastien de Montessus says: ‘The sale of our non-core Karma mine to Nere Mining is in line with our strategy of actively managing our portfolio to focus management efforts on high margin, long-life and low all-in sustaining cost, core assets.’
Current stock price: 1,970.00, up 0.3% in London
12-month change: up 16% since June 14
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