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“This combination will create one of the leading gold companies, with the largest portfolio of operating assets located entirely in West Africa. In addition to being immediately accretive on all key metrics, this transaction will enhance our scale as well as providing improved trading liquidity, greater asset diversification and a reduced risk profile for all shareholders. We will also continue to benefit from having La Mancha as a cornerstone shareholder, who will invest $100 million into the combined entity and hold a 25 percent interest on a pro forma basis.” Michael Beckett Chairman Endeavour Mining Corporation.
Endeavour Mining Corporation and SEMAFO Inc.have announced that they have entered into a definitive agreement whereby Endeavour will acquire all of the issued and outstanding securities of SEMAFO by way of a Plan of Arrangement under the Québec Business Corporations Act. The Transaction will create a top 15 global gold producer and the largest in West Africa with six operations and an attractive growth pipeline. Due to the strong strategic rationale for local consolidation, both sets of Board of Directors have unanimously approved the Transaction.
Creates a leading West African gold producer with enhanced strategic positioning and greater ability to manage risks while benefiting from significant synergies
The combined entity would benefit from four cornerstone mines, with combined production of over 800,000 ounces per year, and increased capital allocation efficiency due to its enhanced project and exploration pipeline
The combined entity would have an enhanced capital markets profile with greater ability to fund growth.