The combined company will produce about 1.5 million ounces of gold a year from several African operations, which would position it among the world’s largest gold producers.
Endeavour shareholders will end up with 66% of the combined entity, with Teranga shareholders holding the remaining 34%. Teranga will get three seats on the board to Endeavour’s seven.
La Mancha, the vehicle which Egyptian billionaire Naguib Sawiris holds his stake in Endeavour, will invest a further $200 million into the combined miner, leaving it with a 19% stake.
The deal is expected to close in the first quarter of 2021.
More to come…
