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.
Sébastien 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.
