El Salvador president proposes bill to overturn metals mining ban
In 2017, El Salvador became the first country in the world to ban forms of metals mining.
West Africa-focused gold miner Avesoro Resources (TSX, AIM:ASO) said its largest shareholder, UK-based Avesoro Jersey, would compulsorily acquire the remaining shares in the company that it did not already own, having built its stake to more than 90%.
Avesoro Jersey had offered £1.00 for each Avesoro Resources share in an offer that closed on Tuesday, with the deal expected to be completed in early January.
Avesoro Jersey would compulsorily acquire the remaining shares in the company that it did not already own
The buyer will now make its takeover target to delist from both the Toronto Stock Exchange and the AIM market of the London Stock Exchange.
The Toronto-based gold producer has faced a number of challenges in recent months, including having to temporarily shut its Youga mine in Burkina Faso after an illegal miner was shot dead on site by a security guard.
Avesoro also had to suspend work at its New Liberty mine this year due to heavy rainfall flooding the pit, which hindered gold shipments from the mine.
In early October, a pit wall collapse forced the company to halt production again at the Liberian mine.
As a result, Avesoro cut annual output guidance for both mines, which are now forecast to produce between 140,000 and 145,000 ounces this year, down from the 180,000-200,000 ounces estimated in September. That compares to 220,000 gold ounces the New Liberty and Youga churned out in 2018.
