Canadian gold firm Endeavour Mining, which is preparing for a London listing late next quarter, is switching its focus to integrating new mines after a $2.7-billion acquisition spree in West Africa last year spooked some investors.
The group, whose share price has underperformed a wider index of gold mining stocks to slide nearly 30 per cent since mid-2020, is hitting the brakes on new purchases after buying mining firms Semafo Inc. and Teranga Gold Corp. in the past year.
Chief executive Sébastien de Montessus said his priority now is to show shareholders he is committed to organic growth in six core gold mines across Ivory Coast, Senegal and Burkina Faso.
“Some people say, ‘He did two M&A deals, this is an M&A junkie.’ No. I’m just trying to do the right thing for our shareholders,” Mr. de Montessus, who took over the CEO role in 2016, told Reuters.