May 22 2017
Endeavour Mining Corporation is pleased to announce that yesterday evening, at a formal ceremony in Abidjan, it completed its previously announced transaction with the Government of Côte d'Ivoire to increase Endeavour's stake in the Ity mine from 55% to 80%.
To mark this important moment, and as a further demonstration of support for the upcoming development of the Ity CIL project, in attendance were numerous government officials including the Minister of Budget and State Holdings Abdourahmane Cissé, the Minister of Economy and Finance Adama Koné, the Minister of Industry and Mines Jean Claude Brou, the President of the Privatization Committee Christian Koffi, the General Director of State Holdings Seydou Bamba, SODEMI's Chairman Bamba Yacouba and SODEMI's General Manager Kadjo Kouame.
Under the terms of the agreement, Endeavour paid US$52 million for the purchase of the additional 25% stake in the Ity mine. Endeavour has also committed to pay US$5 per ounce of additional reserves added post December 31, 2016, applicable only to the current mining permit which is now 80% owned.
Source: https://www.endeavourmining.com/