Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Endeavour Mining has completed the previously announced investment by La Mancha Holding – a business owned by the Sawiris Family of Egypt.
Endeavour issued a total of 8,910,592 ordinary shares to La Mancha for aggregate net proceeds of $200 million at a price of approximately $22.45 per share.
The investment, which was announced as part of the acquisition of Teranga Gold Corporation on November 16, 2020, is being made by La Mancha under its pre-existing anti-dilution right.
Following completion of the investment, Endeavour now has 252,519,830 shares outstanding with La Mancha holding an interest of approximately 19%.
Midday Wednesday, Endeavour’s stock was up 5% on the TSE. The company has a C$6.19 billion market capitalization.
