• La Mancha Resource, controlled by Egyptian billionaire Naguib Sawiris, cut its stake in Endeavour Mining from over 15% to 11.1% since early 2025.

• The latest sale of 3.5% generated $437 million, reflecting a nearly 200% increase in Endeavour’s share price over the past year.

• La Mancha plans to maintain a stake above 10% and retain board representation, signaling continued long-term confidence in Endeavour’s growth.

La Mancha Resource, controlled by Naguib Sawiris and his family since 2012, has reduced its stake in Endeavour Mining for the second time in less than a year. The company has held an interest in the West African gold producer since 2015.

In May 2025, La Mancha sold 1.5% of Endeavour shares for an undisclosed amount. On January 9, 2026, it sold an additional 3.5% of shares, generating $437 million. The total stake now stands at 11.1%, down from over 15% at the start of 2025.

“This transaction forms part of La Mancha’s capital management strategy, aiming to reduce leverage and rebalance the portfolio after a significant increase in the fund’s exposure to Endeavour due to the strong performance of its stock,” the company said.

A Longstanding Partnership

La Mancha stressed that the sales do not reflect a shift in its view on Endeavour’s long-term potential. The company intends to maintain a stake above 10% and preserve board representation, currently held by Sawiris.

At mid-2025, BlackRock Investment held 13%, close to La Mancha’s position at 15.6%. While the status of the largest shareholder may shift depending on further reductions or moves by other investors, La Mancha remains a long-term partner.

La Mancha acquired multiple gold mines in 2012, including Ity in Côte d’Ivoire. It sold Ity to Endeavour in 2015 in exchange for a 30% stake in the company. Over the years, La Mancha injected capital enabling Endeavour to expand existing mines and develop new projects.

Ity’s production rose from 76,000 ounces in 2016 to 245,000 ounces in the first nine months of 2025. Endeavour has also commissioned the Lafigué mine in 2024 and plans further expansion in Côte d’Ivoire, while maintaining operations in Senegal and Burkina Faso.

Building on Endeavour’s growth, La Mancha attracted a strategic partner in 2021 for a new mining-focused investment fund. The undisclosed partner invested $100 million, and the fund has expanded into other resources, including Falcon Energy (graphite in Morocco) and Horizonte Minerals (nickel in Brazil).

This article was initially published in French by Emiliano Tossou

Adapted in French by Ange Jason Quenum