Endeavour Mining completes $736m acquisition of Canadian miner SEMAFO
Endeavour Mining, a Cayman Islands-based intermediate gold producer, has wrapped up its previously announced CAD1.0 billion ($736 million) all-stock deal to acquire Canadian miner SEMAFO.
The Endeavour Mining, SEMAFO merger deal was signed by the parties in March 2020 with a vision to create the largest gold mining company in West Africa.
As per a court-approved plan of arrangement, shareholders of SEMAFO were issued 0.1422 of an ordinary share of Endeavour Mining for each of their shares.
SEMAFO has now become a fully-owned subsidiary of Endeavour Mining.
Endeavour Mining acquisition of SEMAFO : SEMAFO Mana gold mine. Photo courtesy of SEMAFO Inc.
The completion of Endeavour Mining’s acquisition of SEMAFO creates an enlarged company with more than a million ounces of gold production in 2020 coming from six mining operations.
Endeavour Mining has been focused on project development and exploration in the Birimian greenstone belt in West Africa. The intermediate gold producer operates four mines, which include the Agbaou gold mine and Ity gold mine in Côte d’Ivoire, and the Houndé gold mine and Karma gold mine locate in Burkina Faso.
On the other hand, SEMAFO operates the Mana gold mine and Boungou gold mine, both located in Burkina Faso.
In a separate development, Endeavour Mining has completed the previously announced $100 million investment in the company by La Mancha.