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Deal #5699 Version #73338

Côte d'Ivoire

Created at

2017-10-09

Last update

2021-05-27

Last full update

2021-05-27

Land area

Intended size

33 400 ha

Size under contract (leased or purchased area)

[2012, current] 33400.0 ha

Intention of investment

[current] Mining

Nature of the deal

Exploitation permit / license / concession (for mineral resources)

Negotiation status

[2012, current] Concluded (Contract signed)
[2021] Concluded (Change of ownership)

Comment on negotiation status

The Agbaou exploitation permit, which covers an area of 334km2 , was granted to Etruscan Resources Cote d’Ivoire SARL (“ERCI”) by Decree no. 2012-766 on August 1, 2012. Between 2009 and 2010 Endeavour purchased Etruscan and Etruscan’s name was changed to Endeavour Resources Inc. F A transfer was then granted to the newly formed Agbaou Gold Operations SA (“AGO”), which is held 85% by Endeavour Resources Inc. (Cayman) and 15% by the Ivorian Government (10% directly and 5% through Société pour le Dévelopment Minier de la Côte d’Ivoire (“SODEMI”), the national mining agency). Endeavour sold its stake in the Agbaou mine to Allied Gold Corp in 2021.

Implementation status

[2012] Startup phase (no production)
[2014, current] In operation (production)

Comment on implementation status

Commercial production was achieved at Agbaou effective January 27, 2014.

Purchase price

Comment on purchase price

Endeavour Mining has entered into an agreement to sell its 85% interest in its non-core Agbaou mine in Côte d’Ivoire to Allied Gold Corp for a consideration of up to $80 million with further upside through its equity exposure and a Net Smelter Return royalty. The price does not relate to the land, but rather the assets on the land and the mineral reserves under ground.