Endeavour signs settlement agreement with Lilium
London-listed Endeavour Mining and Lilium Gold have signed a settlement agreement involving the State of Burkina Faso, in respect of the divestment of the Boungou and Wahgnion mines.
Pursuant to the agreement, Lilium will transfer the ownership of the Boungou and Wahgnion mines to the State and Endeavour will receive a cash consideration of $60-million, comprised of a $15-million upfront cash payment, $15-million payable by the end of the third quarter of this year and the final $30-million payable by the end of this year.
Endeavour, which is also listed on the TSX, will also receive a 3% royalty on up to 400 000 oz of gold sold from the Wahgnion mine.
On this basis, Endeavour and Lilium have agreed to cease the current legal proceedings against each other, says Endeavour.
As previously reported by newswire Bloomberg, Endeavour was accused by Lilium of misrepresentation over the sale of the two African gold mines. Lilium made the allegations after buying the Wahgnion and Boungou projects in June 2023.
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