Endeavour beforehand mentioned Lilium missed funds totaling greater than $100 million. Lilium accused the London-listed gold producer of misrepresenting the “monetary place and working capabilities” of the mines.
Beneath the settlement, Lilium will switch possession of the mines to Burkina Faso, Endeavour mentioned in a press release Tuesday. The federal government can pay $60 million to Endeavour and a 3% royalty on as much as 400,000 ounces of gold produced on the Wahgnion mine.
Endeavour and Lilium “have agreed to stop the present authorized proceedings in opposition to one another,” the assertion mentioned. The companies have been concerned in an arbitration case in London since March.
Lilium declined to remark. The corporate is a subsidiary of Lilium Capital, an funding agency based by US-Burkinabe businessman Simon Tiemtore. Endeavour operates gold mines throughout Senegal, Ivory Coast and Burkina Faso.
(By William Clowes)