Endeavour Mining Plc and Lilium Mining have reached a resolution in their legal dispute concerning the sale of two gold mines in Africa. As part of the settlement, the assets will be transferred to the Burkina Faso government.
The disagreement originated after Lilium acquired the Wahgnion and Boungou gold projects in Burkina Faso last June. Endeavour Mining had previously accused Lilium of failing to make over $100 million in payments. In response, Lilium alleged that Endeavour misrepresented the financial condition and operational capabilities of the mines.
Under the settlement terms, Lilium will transfer ownership of the mines to the Burkina Faso government. In exchange, the government will pay Endeavour $60 million and grant a 3% royalty on up to 400,000 ounces of gold extracted from the Wahgnion mine. This agreement was announced in a statement released on Tuesday.
Both companies have agreed to end their ongoing legal proceedings, which have been under arbitration in London since March. Endeavour Mining expressed appreciation for the Burkina Faso government’s mediation efforts in resolving the dispute.
Lilium, a subsidiary of Lilium Capital—an investment firm established by US-Burkinabe businessman Simon Tiemtore—declined to comment further on the settlement. Endeavour Mining, meanwhile, continues to operate gold mines in Senegal, Ivory Coast, and Burkina Faso.
This resolution reflects a broader trend in Africa where governments, particularly those under military regimes, are increasingly asserting control over their natural resources. For example, in June, Niger’s military junta revoked the mining license of French state-owned Orano at the Imouraren mine, one of the largest uranium mines globally.
