Endeavour gets bigger chunk of Ity

By | 2019-01-30T09:13:02+00:00 February 1st, 2019|News|0 Comments

Canadian gold mining company Endeavour Mining has increased its ownership stake in the Ity gold mine in Cote d’Ivoire from 80% to 85%. 

Endeavour has increased its shareholding in the Ity mine in Cote d'Ivoire

Endeavour has increased its shareholding in the Ity mine in Cote d’Ivoire.  Image credit: EndeavourEndeavour

In exchange for the additional 5% interest in the Ity mine (relating to the Société des Mines d’Ity and Société des Mines de Daapleu entities), Endeavour granted DYD International Holding Limited, a company owned by the soccer star Didier Drogba, more than one million common shares amounting to a total consideration of about USD15-million (CAD20-million) based on the signing reference share price of CAD18.50.

Following this transaction, Endeavour owns 85% of the Ity mine, the Government of Cote d’Ivoire owns 10% and SODEMI (a government-owned mining company) owns the remaining 5%.