Tabakoto mine for Sale
Endeavour to sale Tabakoto Mine
According
to the Endeavour Mining announcement, it has entered into a binding sale
agreement for its interest in the non-core Tabakoto mine to Algom Resources
Limited, for a total cash consideration of US$60 million. The consideration is
payable upon closing of the transaction which is expected to occur during the
fourth quarter of 2018.
SĂ©bastien
de Montessus, President & CEO of Endeavour Mining, stated: "We are
pleased to continue to pursue our portfolio management strategy through the
sale of our non-core Tabakoto mine. This will increase our overall portfolio
quality and allow management to focus on high cash generating assets with low
AISC and long mine lives.”
Peter
Spivey, Chief Operation Officer of Algom, stated: "We are very pleased for
the opportunity to enter into this arrangement with Endeavour. The underground
operations at Segala and Tabakoto are well understood, and we look forward to
working closely with our business partners in making improvements to the
efficiency and operating costs of the operations.”
The
Tabakoto Gold Mine is located approximately 360 km west of Bamako in
south-western Mali, near the Senegal border. Endeavour's current ownership
ranges from 80% to 90% depending on the pits, with the remainder owned by the
government of Mali. Tabakoto is an open pit and underground mining operation
with a 1.4mtpa gravity/CIL processing facility.
In
2017, Tabakoto produced 144koz of gold at an AISC of $1,148/oz. Tabakoto
produced 53koz at an AISC of $1,298/oz for the first half of 2018.
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