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Endeavour closes Tabakoto gold mine sale at higher, deferred price

Endeavour Mining Corp. amended deal terms for the planned sale of its Tabakoto gold mine in Mali with a BCM International Ltd unit and closed the transaction, the company said Dec. 24.

In early September, the company agreed to sell its stake in the noncore asset for US$60 million in cash upfront to Algom Resources Ltd. Endeavour's current ownership in Tabakoto ranges from 80% to 90% depending on the pits, with the remainder owned by the government of Mali.

As part of the revised terms, the total consideration for the property was increased to up to approximately US$70 million, with US$35 million upfront, US$10 million in 2019, subject to certain conditions, and a 10% net smelter royalty on the Dar Salaam deposit, capped at a maximum of 200,000 ounces of gold.

As part of the transaction, Endeavour will retain its greenfield exploration tenements located over 20 kilometers north of the Tabakoto processing plant, relating to a portion of the Kofi and Netekoto gold tenements in Mali.