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Burkina Faso nationalizes two gold mines mired in legal dispute
By Harry Dempsey and Aanu Adeoye
Financial Times, London
Tuesday, August 27, 2024
Burkina Faso has struck a deal for about $80 million to nationalize two gold mines that London-listed Endeavour Mining agreed last year to sell to Lilium Mining for more than $300 million.
Lilium will transfer ownership of Boungou and Wahgnion to the west African state, which will pay Endeavour $60 million in cash, the FTSE 100 company said in a statement today. Burkina Faso will also pay a 3% royalty on up to 400,000 ounces of gold sold from Wahgnion, the statement said, a provision that analysts estimated was worth $20 million.
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The settlement follows controversy around governance at Endeavour in the wake of former chief executive Sebastien de Montessus being sacked at the start of this year for "serious misconduct."
As part of today's deal, the two companies will drop legal cases against each other. ...
... For the remainder of the report:
https://www.ft.com/content/c677935b-ab2b-4cc4-914f-6b67f2c24183
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