On December 29, 2017, Endeavour Mining Corp completed the sale of its 90% interest in the non-core Nzema mine in Ghana to BCM International Ltd, as previously announced on August 9, 2017. Endeavour received a payment of $38.5 million upon closing, corresponding to the first two payments less adjustments. Additional deferred payments of up to $25 million are expected to be received over the course of 2018 and 2019, based upon reaching certain agreed upon milestones related to mine free cash flow generation.
BCM International is one of Africa’s largest mining and civil contractors, with offices across eight countries and a long history in Ghana, where it is headquartered. It has deep mining expertise, with in house technical staff capable of taking a mine from start-up through commissioning and set-up of the technical disciplines of the mine through to ongoing production.
Experience gained in Ghana over more than 20 years working with local cultural and business practices, workforce management, local business relationships, tax and corporate compliance matters, banking relationships and many other logistical issues is core to the company’s business.
Nzema began commercial production in 2011. It is in a prime location, close to the Ghanan port city of Takoradi (80 km by paved road), and in close proximity of the major mining centre at Tarkwa, which provides the mine access to all necessary off site infrastructure and industry service providers. It produces around 80,000 oz/y of gold.