Endeavour Mining begins trading on London Stock Exchange

West Africa’s top gold producer – Endeavour Mining – started trading on the London Stock Exchange (LSE) yesterday, in a secondary listing that has been in the works since the company sealed a merger with Teranga Gold in November 2020.

Endeavour becomes the largest pure play gold miner listed on the premium segment of the LSE, with expected annual production above 1.5 million ounces of gold from seven operating mines in three countries — Senegal, Burkina Faso and Côte d’Ivoire.

Shares in the company reached as high as £1,786.27 and ended the day at £1,705, giving Endeavour a total valuation of just over £4.5 billion. It did not raise any cash as part of its float.

“Over the past few years, we have built a resilient business, with a high-quality asset base made up of low cost, long-mine life assets, attractive development projects and additional exploration potential,” Endeavour’s CEO Sebastien de Montessus said.

“This underpins our attractive shareholder returns policy that we believe will create value for investors across the cycle,” he added. Endeavour plans to return at least US$500 million to its investors through to 2023, payable semi-annually as long as the gold price stays above $1,500 per ounce.