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AFRICA
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After more than two years without one on
its boards, the London Stock Exchange
welcomed an established mid-tier gold
producer to the FTSE in June with the
arrival of West African producer Endeavour
Mining Corp.

It is perhaps appropriate that Endeavour
should fill the hole left by Randgold’s
acquisition by Barrick Gold Corp as the
emerging producer is the closest thing the
gold sector has got to a Randgold Mk II.
The company boast seven mines across
Senegal, Burkina Faso and Cote d’Ivoire
with a further six projects in advanced
development.

The asset base has contributed to a
strong financial performance in 2021 value for shareholders by increasing the appeal and
with the company in fine fettle. Q2 2021 demand for our shares. By adding a new listing in
delivered an 18% increase in production London, we gain access to a new and wider base of
to 409,000oz gold and a 15% reduction globally-minded investors and a deeper pool of capital.
in AISC to $US853/oz for net earnings We did believe there was a gap in the market that
of $US183 million for the quarter. It now Endeavour could fill – with the removal of Randgold,
expects to hit the top half of FY2021 the LSE has relatively limited options for investors
seeking significant, diversified gold production
guidance of 1.365-1.495 moz gold at AISC exposure and we have now become the largest pure
of $US850-900/oz. gold producer on the premium segment of the LSE.
GMJ speaks exclusively with Endeavour Our premium listing on the LSE is enabling us to
chief executive Sebastien de Montessus attract UK generalist funds and we are starting to see
about the London listing and the company’s some good daily trading volumes on the LSE.
position in an increasingly dynamic West
GMJ: How much of a factor was London’s
African gold sector. reputation as “the natural home of African
mining stories” in choosing to list there?

GMJ: You recently listed on the LSE. Is this SdM: After carefully assessing options, we decided
a deliberate move to fill the rather large the LSE offers Endeavour the best fit and is the most
Randgold-shaped hole that has existed in the attractive stock exchange given our portfolio, the
London market? locations of our operations and the location of our
headquarters and management team. London has long
SdM: This was a natural next step for Endeavour
been one of the key markets for mining companies.
given our evolution and step up in scale over the past
Investors here understand the industry well, and they
four years. A listing on the LSE, one of the world’s
are also more familiar with West Africa and countries
major markets, underscores Endeavour’s international
that do business there. It also confirms our alignment
profile as a leading gold producer.
to the highest corporate governance standards, which
Overall, we hope our UK listing will help unlock further Endeavour keeps at the heart of everything that it does.

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