8th Oct 2024 07:01
(Alliance News) - Endeavour Mining PLC on Monday reassured investors that it "remains a trusted partner" to the government of Burkina Faso, after suggestions it may revoke "certain mining permits".
Burkina Faso's President Ibrahim Traore was quoted in a radio address saying the country is planning to withdraw mining permits from some foreign companies and will be seeking to produce more of its own gold, according to Reuters.
Traore, who assumed leadership following a military coup in 2022 before announcing a five-year extension of the nation's promised transition to democracy in June this year, spoke Saturday on Radio Burkina "to commemorate two years of his presidency", Endeavour said.
The London-headquartered miner added: "He discussed several topics including corruption, security, transport, agriculture and mining, including a reference to certain mining permits that may potentially be revoked."
Endeavour affirmed, however, that it "remains a trusted partner to the government of Burkina Faso and...is not currently aware of any plans to revoke any of its mining permits".
Endeavour, which owns gold mines in Burkina Faso, Cote D'Ivoire and Senegal, continued: "The government remains supportive of Endeavour's position in country as evidenced by the recent successful settlement agreement that Endeavour signed, involving the State of Burkina Faso, in respect of the divestment of the Boungou and Wahgnion mines, for which Endeavour has now received the first [USD30 million] payment."
Endeavour Mining shares closed down 5.4% at 1,697.00 pence on Monday in London.
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.