Lilium Capital buys stake in Burkina Faso mines

London-based Endeavour Mining has closed the sale of its 90% interests in the Boungou and Wahgnion gold mines in Burkina Faso to Lilium Mining, a subsidiary of Lilium Capital, an African and frontier markets focused investment vehicle led by West African entrepreneurs. The total consideration is expected to exceed $300 million and is comprised of upfront and deferred cash considerations and net smelter return royalties.

Sébastien de Montessus, president and CEO of Endeavour commented, “In line with our strategy of actively managing our portfolio to focus management efforts on higher quality assets, we are pleased to announce the sale of our non-core Boungou and Wahgnion mines to Lilium Mining. We believe that Lilium Mining is well positioned to continue to unlock value at the Boungou and Wahgnion mines, for the benefit of all stakeholders. Moreover, Lilium is a trusted Burkinabe-focused business that shares our commitment to operate the mines in the best interests of employees and local stakeholders.”

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