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Endeavour Mining closes sale of its non-core Ghana mine

Published by
Global Mining Review,

On 29 December 2017, Endeavour Mining Corporation completed the sale of its 90% interest in the non-core Nzema Mine in Ghana to one of Africa's largest mining and civil contractors, BCM International Ltd (BCM).

Endeavour received a payment of US$38.5 million upon closing the sale, corresponding to the first two payments less adjustments.

Additional deferred payments of up to US$25 million are expected to be received over the course of 2018 and 2019, based upon reaching certain agreed upon milestones related to mine free cash flow generation.

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African mining news