Endeavor Mining has finalized the acquisition of Semafo, a mining company active in Mali, Côte d’Ivoire and especially in Burkina Faso. The new group becomes the first producer of gold in West Africa.
The West African Mining Exploration Company, Semafo, has lived. The Montreal company, as expected, was bought by mining giant Endeavor Mining.
The latter became the leading producer of gold in West Africa and was among the top fifteen companies in the world. Its production would total one million ounces of gold per year, or 28 tonnes. Of which 22 tonnes produced in Burkina Faso, at full capacity utilization.
Endeavor becomes the largest private employer in the country, with nearly 3,000 employees. Its management intends to pursue the societal mission of Semafo, particularly committed to the populations in Burkina Faso.
Semafo notably operates the Mana mine, located 250 km west of Ouagadougou. It has been in operation since 2008 and is said to be the country’s third gold mine. It is an open pit mine but it entered, at the beginning of 2020, a phase of underground exploitation. This, on the Siou deposit, whose production started in late 2014, after its discovery two years earlier.
Mana acts as a model mine in Burkina Faso for its environmentally friendly mining practice, but also for its involvement in the social development of local residents.
It serves as the basis for the Semafo foundation, which finances local initiatives in terms of sustainable production (shea butter, for example). Its leaders also intend to promote the region’s economy through the production of solar energy.
At the heart of the local economy!
Semafo also has the Boungou mine, located 320 km east of Ouagadougou. The only industrial mine in the region, it started production in September 2018.
Unfortunately, the mine is also at the heart of the Burkina Faso region affected by the war in the Sahel. A convoy carrying mine workers was attacked on November 6, 2019.
Work only resumed three months later, enough time to secure the workers’ route by air. For the time being, the teams are only exploiting the stock of ore already detached. The actual mine work would not resume until the end of the year, according to Semafo’s plans.
Sébastien de Montessus, CEO of Endeavor Mining, takes the helm of the new structure. For their part, Hélène Cartier and Tertius Zongo (ex-Semafo) join the Board of Directors of Endeavor Mining. The Toronto Stock Exchange removed Semafo shares on July 6.
Sébastien de Montessus salutes “a very exciting moment in the history of Endeavor”. He said he was “delighted” to have completed the merger with Semafo and to create a “leading gold producer with the largest portfolio of operational assets in West Africa”.
A great team!
“The combination of the two companies will also allow us to join forces and work even more closely with our local communities so that they can benefit from the benefits of our operations.” Endeavor Mining wants to be “the partner of choice for Burkina Faso” in the economic and social development of our communities and the country.
The leader said the new company “has a great team, with extensive experience and in-depth knowledge of West Africa.” Together, “we can leverage our expertise to add value to our local communities and host countries”, said the leader. Who intends to materialize his belief that the construction and exploitation of mines can serve as a catalyst for long-term regional socio-economic development.
Armed with Semafo’s expertise and its own long-term relationships in Burkina Faso, Mali and Côte d’Ivoire, Endeavor “will have an even greater capacity to play an essential role as a key partner of the State Burkinabé as well as Côte d’Ivoire and Mali”.
Thanks to its community development programs, mining investments and financial partnership initiatives launched through Ecodev, an investment structure of Endeavor, to create sustainable local economic growth, Endeavor will continue to maintain solid relationships with local communities and will continue its contributions to the development of its host countries.
Reference: https://magazinedelafrique.com/uncategorized/naissance-dun-geant-aurifere-en-afrique-de-louest/
