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Endeavour selling Tabakoto gold mine in Mali for US$60M

Endeavour Mining Corp. agreed to sell its interest in the Tabakoto gold mine in Mali for US$60 million in cash to BCM Investments Ltd.'s Algom Resources Ltd. unit.

The sale, expected to close in the fourth quarter this year, will allow the company to focus on high cash generating assets with low all-in sustaining costs and long mine lives, it said Sept. 4.

"Tabakoto has been sold following a comprehensive review which determined that the capital investments required to reduce its AISC did not meet our capital allocation criteria," Endeavour President and CEO Sébastien de Montessus said.

Endeavour's current ownership in Tabakoto ranges from 80% to 90% depending on the pits, with the remainder owned by the government of Mali.