Gold miner Endeavour Mining said on Tuesday that it will receive $60.0m from Lilium Gold as part of a settlement agreement brokered by the government of Burkino Faso for the disposal of its Boungou and Wahgnion mines.
Endeavour said the deal will see Lilium transfer the ownership of the Boungou and Wahgnion mines to the Burkina Faso State, with Endeavour set to receive the cash payment in the three tranches – $15.0m upfront, $15.0m by the end of the Q3 and $30.0m by the end of 2024.
The FTSE 100-listed group also noted that it will receive a 3% royalty on up to 400,000 ounces of gold sold from the Wahgnion mine.
Endeavour and Lilium have now agreed to call an end to legal proceedings against each other.
As of 1010 BST, Endeavour Mining shares were down 0.24% at 1,646.00p.
Reporting by Iain Gilbert at Sharecast.com
