Regulators clear Endeavour Mining-SEMAFO combination
The Canadian government has cleared the proposed C$1 billion combination of Endeavour Mining (TSX: EDV) and SEMAFO initially proposed in March.
"As all regulatory and other approvals have now been obtained, SEMAFO and Endeavour are proceeding to complete the Arrangement as expeditiously as possible," said SEMAFO in a news release.
Officials said the combined company would have more than 1 million ounces of gold output in 2020, based on current guidance, making it one of the top 15 producers in the world. The gold producer would be the largest in West Africa with six operations, plus projects and a growth pipeline.
The company would have all-in sustaining costs below $900 an ounce for 2020, based on current guidance, officials said. This would put it in the bottom third of the industry cost curve.