Burkina Faso has nationalized the Boungou and Wahgnion gold mines, resolving a legal dispute between rival companies. The government reached an agreement to take control of the mines for approximately $80 million.
Endeavour Mining, which had sold Boungou and Wahgnion to Lilium for over $300 million last year, accused Lilium of failing to make payments. Lilium countered that Endeavour, which is listed in London, had misrepresented and concealed financial information about the mines.
Under Tuesday’s agreement, both companies will drop their legal claims against each other.
Endeavour Mining expressed gratitude to the Burkina Faso government for its mediation efforts. Neither Lilium nor the Burkina Faso junta has issued comments on the agreement.
This move reflects a broader trend of African governments, particularly those led by military juntas, seeking to assert greater control over their natural resources.
