Until Tuesday 27th August 2024, the Boungou and Wahgnion gold mines in Burkina Faso were owned by an African mining company. However Ouagadougou has agreed a deal to nationalise the mines for around $80 million.
Endeavour Mining, which agreed to sell Boungou and Wahgnion to Lilium last year for more than $300 million, had accused its rival of missing payments. Meanwhile Lilium argued that London-listed Endeavour had misrepresented and hidden financial information about the mines.
However as part of Tuesday’s agreement, the companies are to abandon their legal cases against each other.
Endeavour said it would ‘like to thank the Government of Burkina Faso for its mediation efforts’; Lilium and Burkina Faso’s junta have not commented.
The nationalisation follows a growing pattern of African governments, especially those under military juntas, attempting to exert greater control over their natural resources.