SEMAFO Inc
SEMAFO Inc
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Acquisitive Endeavour Mining has followed up its recent $691M takeover of SEMAFO with a friendly bid for Teranga Gold
The July 2020,$US690.7M takeover of fellow Canadian miner SEMAFO, to create the biggest gold producer in Burkina Faso and Ivory Coast, has seen Endeavour Mining post a $96M Sept 2020 qtr (Q3 20) turnaround to net earnings up to $59M from Q2 20’s $37M loss, on gold production from its expanded West African operations up to 244,000oz from 149,000oz.
Gold production, profit up and heading higher as SEMAFO acquisition lifts Q3 20 profit to $59M from Q2 20’s $37M loss
Endeavour Mining is in merger talks with smaller Burkina Faso, West Africa, focused miner Teranga Gold, Reuters reports.
Endeavour Mining, the biggest gold mining company in Burkina Faso, has restarted the Boungou mine in the east of the country which was shut by previous owner Semafo last November after an attack killed 39 civilians, Reuters reports.
Toronto-based Endeavour, which bought Semafo in March, says mining operations at Boungou have successfully restarted after infrastructure improvements and a new security plan.
With each of Endeavour Mining’s West Africa operations continuing to operate at normal levels, the company has posted a $US63M profit-to-loss turnaround to a $US37M net loss for the June 2020 qtr (Q2 20) from a Q1 20 $26M profit on gold production down to 149,000oz from 172,000oz.
Endeavour Mining $63M turnaround to a $37M Q2 20 loss as it assimilates its recent acquisition of SEMAFO. Watch this space
Endeavour Mining has completed its mutually agreed, $C1B ($US690.7M), all-share takeover bid for fellow Canadian miner SEMAFO to create the biggest gold producer in Burkina Faso and Ivory Coast.
The amalgamation creates a leading West African gold company with 6 operations, including 4 cornerstone mines, with combined FY/CY2020 year estimated output of 1Moz+, making it bigger than Newmont Goldcorp and Barrick in West Africa.
Despite a 4-week shutdown at the Boungou Gold Mine and the implementation of preventive measures against the COVID-19 virus, Canada-based takeover target SEMAFO has doubled its Mar 2020 qtr (Q1 20) attributable net income to $US14.1M from Q4 19’s $7.9M on gold production from its 2 Burkina Faso mines to 81,900oz from 69,900oz.
SEMAFO has overcome the COVID-19 virus bite to double Q1 20 profit on increased gold production from its Burkina Faso operations