Endeavour Mining Corporation Endeavour Announces Ceo Termination
January 04 2024 - 1:21PM
UK Regulatory
TIDMEDV
ENDEAVOUR ANNOUNCES CEO TERMINATION
London, 4 January 2024 -- The Board of Directors of Endeavour
Mining plc (LSE:EDV, TSX:EDV, OTCQX:EDVMF) ("Endeavour", the
"Group" or the "Company") today announces the termination of the
President and Chief Executive Officer, Sébastien de Montessus, for
serious misconduct with immediate effect. This follows an
investigation by the Board into an irregular payment instruction
issued by him in relation to an asset disposal undertaken by the
Company. The amount of this irregular payment instruction is US$5.9
million. The Board recently became aware of this in the course of a
review of acquisitions and disposals, which is ongoing. Sébastien
de Montessus has been removed from the Company's Board of Directors
with immediate effect.
Separately, in October 2023 allegations were made against
Sébastien de Montessus through the Company's confidential
whistleblowing channel relating to his personal conduct with
colleagues. Following a recent external investigation, the Board
had received the findings and, at the point of termination, was
considering the appropriate course of action.
The Board has appointed Ian Cockerill (currently Deputy Chair of
the Board) as Chief Executive Officer and Executive Director with
immediate effect.
Ian has over four decades of experience in the global natural
resources industry. During his career he has held senior roles
covering operational, project and executive positions around the
world, having held executive roles at major international mining
companies, including Chief Executive Officer of Gold Fields and
Anglo Coal, a subsidiary of Anglo American, as well as
non-executive positions. Ian will be reviewing his other, current
directorships in light of his appointment as Chief Executive
Officer and Executive Director of Endeavour.
Remuneration
Full details of the impact of the termination of Sébastien de
Montessus on his remuneration will be disclosed on the Company's
website in due course in compliance with Section 430(2B) of the
Companies Act 2006 and in the Directors' Remuneration Report within
the Annual Report and Accounts for the year ended 31 December 2023,
and subsequent years, as appropriate.
Ian Cockerill will be paid in accordance with the approved
Directors' Remuneration Policy. Full details of his remuneration
terms will be disclosed in the Company's 2023 Annual Report.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) no 596/2014 (MAR) as it forms part
of UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018.
CONTACT INFORMATION
Martino De Ciccio Brunswick Group LLP in London
Deputy CFO & Head of Investor Relations Carole Cable, Partner
+44 203 640 8665 +44 7974 982 458
mdeciccio@endeavourmining.com ccable@brunswickgroup.com
ABOUT ENDEAVOUR MINING CORPORATION
Endeavour Mining is one of the world's senior gold producers and
the largest in West Africa, with operating assets across Senegal,
Cote d'Ivoire and Burkina Faso and a strong portfolio of advanced
development projects and exploration assets in the highly
prospective Birimian Greenstone Belt across West Africa.
A member of the World Gold Council, Endeavour is committed to
the principles of responsible mining and delivering sustainable
value to its employees, stakeholders and the communities where it
operates. Endeavour is listed on the London and Toronto Stock
Exchanges, under the symbol EDV.
For more information, please visit
https://www.globenewswire.com/Tracker?data=BwfQXD1o3l_9oxv0eu4OPt1jCa0gtvecQ4skpFYZCZPGIhWV7G1p1hc2mYt-r3q4NmeHpUxcWo0mlEK6XnE8mhJ94M6cQ37BfOon2trqg5M=
www.endeavourmining.com.
Neither Toronto Stock Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements"
including but not limited to, statements with respect to
Endeavour's plans for further exploration of the Tanda-Iguela
property, the extent and timing of Endeavour's drilling campaign,
the timing of the updated mineral resource estimate, the estimation
of mineral resources, and the success of exploration activities.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as "expects",
"expected", "budgeted", "forecasts", and "anticipates".
Forward-looking statements, while based on management's best
estimates and assumptions, are subject to risks and uncertainties
that may cause actual results to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to: risks related to the successful integration of
acquisitions; risks related to international operations; risks
related to general economic conditions and credit availability,
actual results of current exploration activities, unanticipated
reclamation expenses; changes in project parameters as plans
continue to be refined; fluctuations in prices of metals including
gold; fluctuations in foreign currency exchange rates, increases in
market prices of mining consumables, possible variations in ore
reserves, grade or recovery rates; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes,
title disputes, claims and limitations on insurance coverage and
other risks of the mining industry; delays in the completion of
development or construction activities, changes in national and
local government regulation of mining operations, tax rules and
regulations, and political and economic developments in countries
in which Endeavour operates. Although Endeavour has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Please refer to Endeavour's
most recent Annual Information Form filed under its profile at
www.sedar.com for further information respecting the risks
affecting Endeavour and its business.
Attachment
-- 240104 - NR - CEO Termination_vf
https://ml-eu.globenewswire.com/Resource/Download/d5937261-1cea-4827-96ba-af273d262c81
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January 04, 2024 13:21 ET (18:21 GMT)
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