Boungou and Wahgnion mines: details of the sale

2023-06-30 10:47:58
the photo of the hearing of June 27, 2023

• Endeavor sells its sites to Burkinabe Simon Tiemtoré
• No major personnel changes

On June 27, 2023, the eve of the Tabaski Festival, Sébastien De Montessus, CEO of
Endeavour_Mining was received by the Minister of Energy, Mines and Quarries, Simon-Pierre Boussim. The delegation he led came officially to explain the functioning and the challenges of the mining company in Burkina according to the terms of the press release from the Ministry of Mines.
But, in fact, there was a deal in the air. And it’s official since June 28th. Endeavor Mining has announced the sale of the Boungou mine in the east of the country and the Wahgion mine in the west of the country to the company Lilium Mining, a subsidiary of Lilium Capital of Burkinabe Simon Tiemtoré. Heralding sign, Simon Tiemtoré was already on the photo of the hearing with the minister in charge of mines on June 27, just to make the presentations.
This assignment contains details that distinguish it from an ordinary sale. Indeed as part of this transfer “Endeavor will be a key business partner of Lilium Mining and a transition service agreement for a maximum of 12 months has been concluded, which means that Endeavor will continue to closely support the mines after the transfer “. There are no major personnel changes planned at this time.
The sale of these mines is part of the Endeavor Mining Group’s active portfolio management strategy, which takes into account criteria such as the level of production and the life of the mines.
Endeavor is not his first assignment to a national. There was the Karma mine sold in 2022 to Néré Mining. Each time, Endeavor officials have tried so hard “it is possible to sell our mines to national investors from host countries”.
However, Endeavor remains committed to Burkina Faso and will continue to “operate the Houndé and Mana mines as well as the various development and exploration projects in Burkina Faso”, confirmed a source introduced to the group.
Writing