Canada鈥檚 Endeavour Mining (TSX:EDV), West Africa鈥檚 top gold producer, is said to be considering whether to dual list in London or New York in the wake of its merger with smaller rival Semafo.
鈥淲e are going to move to one or the other,鈥� Chief executive officer S茅bastien de Montessus聽. 鈥淲e 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,鈥� he noted.
Endeavour鈥檚 management team is already based in London, so favouring the listing in the UK wouldn鈥檛 come as a surprise.
The London exchange lost its top gold company last year, when Randgold Resources delisted after being acquired by Barrick Gold.聽
Endeavour saw its share price rise by more than 60% from March, when it announced it was acquiring Semafo, to early July, when the it completed the deal.
Among top dogs
With a market cap of C$5.3 billion (about $4bn), the miner would be amongst the most valuable precious metals companies currently listed on the LSE. 聽These include Russian duo Polyus (LON: PLZL) and Polymetal International (LON: POLY), Mexico-focused Fresnillo (LON: FRES) and (LON: AUY), all of whom have a market value of more than $4.5bn.
Endeavour Mining it expected to produced more than one million ounces of gold this year.
After incorporating Semafo鈥檚 operations in its second-quarter financial and operating results, the company said it aims to churn out between 995,000 to 1,095,000 million ounces of the precious metal in 2020, at all-in-sustaining cost targets of between $865 to $915 per ounce.