Endeavour Mining Corp. [EDV-TSX, LSE; EDVMF-OTCQX] said Monday June 14 that its shares have begun trading on the London Stock Exchange’s main market. As a result, the shares will now trade on both the LSE and the Toronto Stock Exchange under the ticker symbol EDV.
Endeavour said it is not intending to raise capital in conjunction with the London listing.
“Our listing marks the start of the next phase of our evolution and will see us become the largest pure gold producer on the premium segment of the London Stock Exchange with access to a deeper pool of capital,” said Endeavour President and CEO Sebastien de Montessus.
“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,” he said. “This underpins our attractive shareholder returns policy that we believe will create value for investors across the cycle.’’
Endeavour is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Ivory Coast, and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian greenstone belt across West Africa.
Endeavour has achieved that position after recently striking a deal to acquire another West Africa-focused company Teranga Gold Corp., in an all-share transaction worth $2.44 billion (US$1.86 billion).
The combination created a new top ten senior gold producer with average annual production of more than 1.5 million ounces from six core operating mines.
The combined company also has a development pipeline of six greenfield projects across the underexplored Birimian Greenstone Belt.
On Monday, Endeavour shares eased 4.1% or $1.25 to $28.86 on volume of 1.19 million. Endeavour trades in a 52-week range of $39.21 and $23.12. The share price dropped after the price of gold retreated as treasury yields ticked higher, making the non-interest-bearing metal seem less attractive to investors, according to a report by Scotiabank.
Bullion was down US$13.10 or 0.70% to US$1,866.50 an ounce. The yellow metal traded up to US$2,069.40 an ounce in August, 2020.
Last week, gold struggled to make significant gains past US$1,900 an ounce, which may have resulted in pressure from technical traders
Endeavour recently said it is well positioned to meet its full year 2021 production guidance of 1.36 million-1.49 million ounces of gold at an all-in-sustaining cost of US$890 to US$900 an ounce. That target is expected to be reached after a strong performance in the first quarter of 2021 and the successful integration of the Teranga assets.