Global law firm Norton Rose Fulbright has advised Endeavour Mining on the sale of its 90 percent interests in its Boungou and Wahgnion non-core mines in Burkina Faso.
The sale was agreed to Lilium Mining, a subsidiary of Lilium Capital, an African and frontier markets-focused strategic investment vehicle led by West African entrepreneurs. Endeavour Mining will receive payments that are expected to exceed $300-million, which are comprised of upfront and deferred cash considerations and net smelter return royalties.
Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Cote d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.
The Norton Rose Fulbright team was led by London-based corporate Partner Raj Karia, with assistance from Senior Associates Sam Morrey and Samantha Hurrell, and Associates Carl Boulva and Hannah Culshaw. Partner Dominic Stuttaford advised on tax matters.
Commenting on the transaction, Karia said, “We are very pleased to have helped Endeavour Mining with its latest disposal of a non-core asset, in line with the company’s active portfolio management strategy, having previously advised on the sale of its 90 percent interest in its Karma Mine in Burkina Faso in 2022 and on the sale of its 85 percent interest in its Agbaou Mine in Côte d’Ivoire in 2021.”
Norton Rose Fulbright’s global mining group acts for a range of major international financial institutions, mining houses and global corporate leaders. Ranked Band 1 / Tier 1 in Chambers UK, Chambers Global and Legal 500 UK, the firm’s market-leading reputation has enabled it to advise on some of the industry’s largest and most innovative mining transactions, and it is particularly well known for its work in leveraged finance deals for mining developments, including complex syndications.