Home News Finance Burkina Faso Government Nationalises Two Gold Mines To End Legal Dispute Between Competing Companies
FinanceNews

Burkina Faso Government Nationalises Two Gold Mines To End Legal Dispute Between Competing Companies

900

Burkina Faso has taken control of two major gold mines after reaching an agreement with mining companies Endeavour Mining and Lilium Mining. The government will pay approximately $80 million, a significant reduction from the over $300 million that Endeavour initially agreed to sell the mines to Lilium last year.

The nationalisation of the mines—Boungou and Wahgnion—followed a legal dispute between the two companies. Endeavour accused Lilium of failing to make payments, while Lilium claimed that Endeavour concealed financial information about the mines. As part of the deal, both parties have agreed to drop their legal cases.

Burkina Faso will pay Endeavour $60 million in cash and an additional 3 per cent royalty on up to 400,000 ounces of gold from Wahgnion, which analysts estimate is worth $20 million.

The Burkinabe government has not commented on the deal, but Endeavour expressed gratitude for its mediation efforts. Lilium has declined to comment on the matter.

 

Read Also: Nigerian Customs Preach Against Smuggling Despite Alleged Involvement Of Officers‌

About The Author

Related Articles

News

Côte d’Ivoire Arrests, Extradites Beninese Journalist to Cotonou

A Beninese journalist, Comlan Hugues Sossoukpè, known for his criticism of President...

Nigerian Senate President, Godswill Akpabio, has filed a formal appeal seeking to overturn a recent federal high court judgment that ordered the Senate to lift the suspension of Senator Natasha Akpoti-Uduaghan, who represents Kogi Central.
NewsPolitics

Nigerian Senate President, Akpabio Appeals Court Ruling Overturning Suspension of Senator Natasha

Nigerian Senate President, Godswill Akpabio, has filed a formal appeal seeking to...

Nigerien Armed Forces
NewsSecurity

Niger Army Destroys Terrorist Base Near Nigerian Border, 15 Militants Neutralised

The Nigerien Armed Forces have successfully destroyed a major terrorist base near...

News

Ghana’s Prisons to Produce 20% of Sanitary Pads, 30% of Desks and Uniforms for Schools– Interior Minister

The Minister for the Interior, Hon. Muntaka Mubarak, has announced that inmates...