(Ecofin Agency) - Endeavour Mining agreed to sell Tabakoto, its gold mine in Mali to Algom Resources, a subsidiary of BCM Investments, for $60 million. This amount will be paid in cash once the deal is sealed around Q4, 2018.

According to Sébastien de Montessus, Endeavour’s MD, the sale of this non-core asset will improve the company portfolio’s overall health and let it concentrate on durable high liquidity generating assets with low operating costs.

“We believe this transaction will benefit Tabakoto's stakeholders, including employees, the government of Mali, and local communities as BCM Investments is a longstanding partner with the right set of skills, expertise, and investment capabilities to maximise Tabakoto's operational performance”, he said.

Tabakoto mine is located 360 km West of Bamako. In 2017, it produced 144,000 ounces of gold at $1,148 per ounce. In H1, 2018, it produced 53,000 ounces.