Endeavour Mining Explained

Endeavour Mining plc
Type:Public
Founded:1988
Location:London, England, UK
Locations:Three main locations: Burkina Faso, Côte d'Ivoire and Senegal
Industry:Mining
Products:Gold
Revenue: US$2,114.6 million (2023)[1]
Operating Income: US$442.7 million (2023)
Net Income: US$(143.6) million (2023)
Subsid:Semafo, Teranga, Societe des Mines d'Ity S.A. (Côte d'Ivoire), Houndé Gold Operations SA (Burkina Faso)

Endeavour Mining plc is a multinational mining company that owns and operates gold mines in Côte d'Ivoire, Burkina Faso and Senegal. The company is headquartered in London, England, and is listed on the London Stock Exchange. It is a constituent of the FTSE 100 Index.

History

The company, established by a team led by Neil Woodyer as Endeavour Financial in 1988, diversified from mining finance to mining operations in the early 21st century.[2]

It acquired Etruscan Resources (including the Agbaou mine in Côte d'Ivoire) in June 2010.[3]

Endeavor announced in June 2017 that it would purchase Avnel Gold Mining Limited for C$159 million. Avnel held an 80% interest in the Kalana Gold project in Mali and exploration permits in the surrounding area.[4]

Woodyer stood down as CEO and was replaced by Sébastien de Montessus in May 2016.[5]

In July 2020, the company acquired Semafo for its Mana and Boungou gold mines in Burkina Faso.[6]

In February 2021, the company acquired Teranga Gold Corporation for its Sabodala-Massawa gold mine in Senegal and its Wahgnion gold mine in Burkina Faso.[7]

The company was subject to an initial public offering on the London Stock Exchange in June 2021.[8]

In January 2024, De Montessus was dismissed from his position as CEO due to allegations of serious misconduct over an irregular payment instruction associated with an asset disposal.[9] Ian Cockerill was appointed CEO.[10]

Notes and References

  1. Web site: Annual Results 2023. Endeavour Mining . 27 March 2024 .
  2. Web site: Neil Woodyer. Aris Gold. 25 August 2021.
  3. News: Endeavour to take the rest of Etruscan Resources. 29 June 2010. The Northern Miner. 25 August 2021.
  4. Web site: Endeavour Mining To Acquire Avnel Gold for C$159 Million. www.juniorminingnetwork.com. 2017-06-29.
  5. News: Woodyer, founding CEO of Endeavour Mining, to step down. 9 May 2016. Mining MX. 25 August 2021.
  6. Web site: Canada clears Endeavour Mining-Semafo merger . mining.com . 26 June 2020.
  7. Web site: Endeavour Completes Teranga Acquisition to Create New Senior Gold Producer . GlobeNewswire . 10 February 2021.
  8. News: Endeavour Mining shares begin trading on London Stock Exchange's main market. 14 June 2021. Proactive Investors. 25 August 2021.
  9. News: Sweney . Mark . 2024-01-05 . Gold-mining company sacks CEO over ‘serious misconduct’ allegations . 2024-01-05 . The Guardian . en-GB . 0261-3077.
  10. Web site: January 6, 2024 . Endeavour Mining ousts CEO over 'serious misconduct' . January 6, 2024 . Reuters.