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Endeavour Mining Corp. (TSX:EDV,OTCQX:EDVMF) announced that it’s received US$25.3 million for simultaneously signing and closing the sale of its Youga mine. The company sold the non-core asset to privately owned MNG Gold AS, a Turkish company.
Endeavour Mining Corp. (TSX:EDV,OTCQX:EDVMF) announced that it’s received US$25.3 million for simultaneously signing and closing the sale of its Youga mine. The company sold the non-core asset to privately owned MNG Gold AS, a Turkish company.
As quoted in the press release:
The total cash consideration is comprised of US$20 million for the asset and US$5.3 million for the cash-on-hand. In addition, Endeavour has retained a 1.8% Net Smelter Royalty (“NSR”) on production realized beyond the current reserve from the property sold, and with the inclusion of a buyback provision.
Neil Woodyer, CEO of Endeavour, commented:
This transaction provides upfront value for Youga’s remaining 2 year mine life and gives us greater financial flexibility to pursue growth opportunities. It is in line with our strategic objective of actively managing our portfolio to improve its overall quality. Since MNG’s nearby Balogo high-grade deposit will give a second life to the Youga operation, we firmly believe that this transaction is in the best interest of all stakeholders, including our employees, the government, and the local population.
Click here to read the full Endeavour Mining Corp. (TSX:EDV,OTCQX:EDVMF) press release.