Endeavour Mining leaves the ASX, shares plummet

Agbaou gold mine plant. (Image courtesy of Endeavour Mining)

West Africa-focused Endeavour Mining Corporation (TSX:EDV) confirmed Monday it has been removed from the official list of the Australian Securities Exchange (“ASX”), at the request of the company.

The move, said the Canadian miner, reduces the firm’s administrative, compliance and legal expenses, which could no longer be justified given the low levels of trading on the ASX relative to the company’s TSX listing.

Endeavour also announced it was transferring its Investor Relations and Administrative office from Vancouver to Paris.

Shares fell on the news, closing 6.6% lower in Toronto at Cdn$7.28.

In September, Endeavour inked a deal to sell a 30% stake to La Mancha, a private investment company headed by Egyptian businessman Naguib Sawiris, in exchange for a majority stake in the Ity gold mine in Cote d’Ivoire Africa, plus up to $138 million in financial commitments.

The Ity open pit, one of the oldest mines in the country which counts soccer star Didier Drogba as a shareholder, immediately added more than 80,000 ounces to Endeavour’s production profile as a low-cost heap leach operation.

A $200m–$300m carbon-in-leach expansion with the potential of an additional 120,000 ounces is also being considered at Ity, which has been in production since 1991.