- Endeavour Mining (OTCQX:EDVMF) said on Tuesday it has signed a settlement agreement with Lilium Gold, brokered by the government of Burkina Faso, for the divestment of the Boungou and Wahgnion mines, which it had agreed to in 2023.
- Under the settlement, Lilium will transfer the ownership of the Boungou and Wahgnion mines to the Burkina Faso State with Endeavour to receive a cash consideration of $60 million consisting of $15 million in an upfront cash payment, $15 million payable by the end of the third quarter, and a further $30 million payable by the close of the fourth quarter.
- A 3% royalty on up to 400,000 ounces of gold sold from the Wahgnion mine would also be paid to Endeavour.
- Based on this settlement, Endeavour and Lilium have agreed to cease the current legal proceedings against each other.
- Both parties thanked the government of Burkina Faso for its mediation efforts.
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