Endeavour Announces Settlement Agreement With Lilium
Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) and Lilium Gold have reached a settlement agreement regarding the divestment of the Boungou and Wahgnion mines in Burkina Faso. As part of the deal, Lilium will transfer ownership of the mines to the State of Burkina Faso. In return, Endeavour will receive:
1. A total cash consideration of $60 million, paid in installments:
- $15 million upfront
- $15 million by the end of Q3-2024
- $30 million by the end of Q4-2024
2. A 3% royalty on up to 400,000 ounces of gold sold from the Wahgnion mine
Following this agreement, both parties will cease ongoing legal proceedings against each other. The settlement was reached with the mediation of the Government of Burkina Faso.
Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) e Lilium Gold hanno raggiunto un accordo di risoluzione riguardante la dismissione delle miniere di Boungou e Wahgnion in Burkina Faso. Come parte dell'accordo, Lilium trasferirà la proprietà delle miniere allo Stato del Burkina Faso. In cambio, Endeavour riceverà:
1. Un compenso totale in contante di 60 milioni di dollari, pagato a rate:
- 15 milioni di dollari upfront
- 15 milioni di dollari entro la fine del Q3-2024
- 30 milioni di dollari entro la fine del Q4-2024
2. Una royalty del 3% su un massimo di 400.000 once d'oro vendute dalla miniera di Wahgnion
Dopo questo accordo, entrambe le parti cesseranno le azioni legali in corso l'una contro l'altra. L'accordo è stato raggiunto con la mediazione del Governo del Burkina Faso.
Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) y Lilium Gold han llegado a un acuerdo de conciliación respecto a la desinversión de las minas de Boungou y Wahgnion en Burkina Faso. Como parte del acuerdo, Lilium transferirá la propiedad de las minas al Estado de Burkina Faso. A cambio, Endeavour recibirá:
1. Una consideración total en efectivo de 60 millones de dólares, pagada en cuotas:
- 15 millones de dólares por adelantado
- 15 millones de dólares para finales del Q3-2024
- 30 millones de dólares para finales del Q4-2024
2. Una regalía del 3% sobre hasta 400,000 onzas de oro vendidas de la mina de Wahgnion
Tras este acuerdo, ambas partes cesarán los procedimientos legales en curso entre sí. El acuerdo se alcanzó con la mediación del Gobierno de Burkina Faso.
엔데버 마이닝 PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF)와 리리움 골드는 부르키나파소의 분구와 와그니온 광산 매각에 관한 합의문에 도달했습니다. 계약의 일환으로 리리움은 광산 소유권을 부르키나파소 국가에 이전할 것입니다. 그 대가로 엔데버는 다음을 받게 됩니다:
1. 총 6천만 달러의 현금 보상, 분할 지급:
- 초기 1,500만 달러
- 2024년 3분기 말까지 1,500만 달러
- 2024년 4분기 말까지 3천만 달러
2. 와그니온 광산에서 판매된 금 40만 온스에 대해 3%의 로열티
이번 합의에 따라 양 당사자는 서로에 대한 계속되는 법적 절차를 중단합니다. 이번 합의는 부르키나파소 정부의 중재를 통해 이루어졌습니다.
Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) et Lilium Gold ont conclu un accord de règlement concernant la cession des mines de Boungou et de Wahgnion au Burkina Faso. Dans le cadre de cet accord, Lilium transférera la propriété des mines à l'État du Burkina Faso. En contrepartie, Endeavour recevra :
1. Une contrepartie en espèces totale de 60 millions de dollars, payée par versements :
- 15 millions de dollars à l'avance
- 15 millions de dollars d'ici la fin du T3-2024
- 30 millions de dollars d'ici la fin du T4-2024
2. Une royauté de 3% sur un maximum de 400 000 onces d'or vendues de la mine de Wahgnion
Suite à cet accord, les deux parties mettront fin aux procédures judiciaires en cours l'une contre l'autre. Le règlement a été atteint avec la médiation du gouvernement du Burkina Faso.
Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) und Lilium Gold haben eine Vergleichsvereinbarung bezüglich der Veräußerung der Bergwerke Boungou und Wahgnion in Burkina Faso getroffen. Im Rahmen des Deals wird Lilium das Eigentum an den Bergwerken an den Staat Burkina Faso übertragen. Im Gegenzug wird Endeavour erhalten:
1. Eine Gesamtzahlung von 60 Millionen US-Dollar, die in Raten erfolgt:
- 15 Millionen US-Dollar im Voraus
- 15 Millionen US-Dollar bis Ende Q3-2024
- 30 Millionen US-Dollar bis Ende Q4-2024
2. Eine 3%-Royalty auf bis zu 400.000 Unzen Gold, die aus der Mine Wahgnion verkauft werden
Anschließend werden beide Parteien laufende gerichtliche Verfahren einstellen. Der Vergleich wurde mit der Mediation der Regierung von Burkina Faso erreicht.
- Endeavour to receive $60 million in cash consideration
- 3% royalty on up to 400,000 ounces of gold from Wahgnion mine
- Resolution of legal disputes with Lilium Gold
- Structured payment plan with $15 million upfront
- Divestment of Boungou and Wahgnion mines
- Loss of ownership and potential future revenues from the mines
ENDEAVOUR ANNOUNCES SETTLEMENT AGREEMENT WITH LILIUM
London, 27 August 2024 – Endeavour Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (“Endeavour”, the “Group” or the “Company”) and Lilium Gold (“Lilium”) are pleased to announce that they have signed a settlement agreement (the “Agreement”), involving the State of Burkina Faso (“the State”), in respect of the divestment of the Boungou and Wahgnion mines (the “Divestment”).
Pursuant to the Agreement, Lilium will transfer the ownership of the Boungou and Wahgnion mines to the State and Endeavour will receive:
- A cash consideration of
$60 million comprised of:$15 million upfront cash payment$15 million payable by the end of Q3-2024$30 million payable by the end of Q4-2024
- A
3% royalty on up to 400,000 ounces of gold sold from the Wahgnion mine
On this basis, Endeavour and Lilium have agreed to cease the current legal proceedings against each other. Both parties would like to thank the Government of Burkina Faso for its mediation efforts.
CONTACT INFORMATION
| Jack Garman Vice President, Investor Relations +44 203 011 2723 jack.garman@endeavourmining.com | Brunswick Group LLP in London Carole Cable, Partner +44 207 404 5959 ccable@brunswickgroup.com |
ABOUT ENDEAVOUR MINING PLC
Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.
A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the London and Toronto Stock Exchanges, under the symbol EDV.
For more information, please visit www.endeavourmining.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements, other than statements of historical fact, are "forward-looking statements". Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts", and "anticipates".
Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.
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FAQ
What is the total cash consideration Endeavour Mining (EDVMF) will receive in the settlement agreement?
What royalty will Endeavour Mining (EDVMF) receive from the Wahgnion mine?
Which mines are being transferred to the State of Burkina Faso in the settlement agreement?
When was the settlement agreement between Endeavour Mining (EDVMF) and Lilium Gold announced?
