“Endeavour may sell its Burkina Faso mines due to deteriorating national security The information was published on 10 March 2023 by the newspaper https://www.miningmx.com/top-story/52752-endeavour-may-sell-burkina-faso-mines-amid-countrys-fast-changing-political-climate/
The newspaper quoted Endeavour Mining’s CEO Sebastien de Montessus as saying at the company’s 2022 results presentation last week.
The highlights of the article are summarised as follows:
- Boungou or Wahgnion concerned by the sale
- Deterioration of national security as one of the causes
- Endeavour suffered an impairment that resulted in an overall loss of $1.04 per share
- These impairments relate to Wahgnion and Boungou
- Both mines also experienced a net decrease in reserves
- Assets considered “non-core”.
- Solution: divest one or both mines to maintain the quality of the group’s portfolio and increase geographical diversification
- Sale to reduce exposure to insecurity in Burkina Faso
- Endeavour in Burkina Faso would be reduced to 29% of net present value from the current 40% if the sales were made
As a reminder, Endeavour Mining currently operates 4 mines in Burkina Faso including Houndé Gold, Semafo Mana, Semafo Boungou and Wahgnion.
For more information on Endeavour Mining’s presence in Burkina Faso, follow this link:
Synthesis of E K
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