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Endeavour increases ownership in Ity mine to 85%

Endeavour Mining Corp. increased its ownership in the Ity gold-silver mine in Cote d'Ivoire to 85% from 80%.

The company said Jan. 11 that in exchange for the additional 5% stake, it will pay Didier Drogba Group unit DYD International Holding Ltd. 1,072,305 shares worth US$15 million.

Following the transaction, Endeavour will own 85% of the mine, the government of Cote d'Ivoire will own 10%, and government-owned mining company Sodemi will own the remaining 5%.