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African miner completes $63.5M gold mine sale
Gold mine sold George Town-based Endeavour Mining has announced it completed the sale of its 90% interest in the Nzema gold mine in Ghana to BCM International Ltd.
"Endeavour received a payment of US$38.5 million upon closing, 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," Endeavour Mining said in a statement.
In addition to the Nzema mine, Endeavour Mining operates a further five mines in Africa, including two mines in Ivory Coast, two in Burkina Faso, and one in Mali, according to data from the miner.
BCM International is an African mining and civil contractor, with offices across eight countries and based in Ghana.