Under the terms of the agreement, once the mining permit is granted, Endeavour will be entitled to an 80 percent stake in the Fetekro Project, compared to 65 percent currently, while SODEMI (the state-owned mining company) and the Government of Côte d’Ivoire will each have a 10 percent stake.
Endeavour will retain the full ownership of the Fetekro exploration license until such time as it is converted into a mining license.
Endeavour acquired the additional stake from SODEMI for a consideration of $19 million plus contingent payments of $3 per ounce for future Proven and Probable reserves defined outside of the existing Measured and Indicated resource boundary.
The contingent payment is based on a gold price of $1,450 per ounce and will be adjusted upwards or downwards in a linear relationship with the gold price.
About The Fetekro Project
Located in north-central Côte d’Ivoire, within the northern end of the Oumé-Fetekro Greenstone Belt, the Fetekro Project is approximately 500km from Abidjan and close to existing infrastructure, including sealed roads and grid power.
Endeavour began exploration at Fetekro in March 2017, with the Lafigué deposit as the primary target.
