Endeavour Mining Corp., the biggest gold producer in west Africa, is debating whether to shift its primary share listing to the U.K. as it seeks to tap a new pool of investors.
Chief executive Sébastien de Montessus said the US$4.5 billion Toronto-listed company was assessing whether to move to London or New York in the wake of its merger with rival Semafo Inc.
“We are going to move to one or the other. We are currently assessing which is the most relevant and attractive given our portfolio and locations and also the fit in terms of governance and liquidity,” said de Montessus in an interview with the Financial Times. “Given that management is based in London, a listing in the U.K. is an option on the table.”
London lost its biggest and most successful gold company last year when Randgold Resources Corp. delisted after being acquired by Barrick Gold Corp.
Most of the producers listed in the U.K. lack the scale to appeal to mainstream investors who are keen to increase their exposure to the sector at a time when gold prices have hit a record high above US$2,000 a troy ounce.