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Endeavour to Buy Rival Teranga Gold in $1.86 Billion Deal

  • Combined company will become one of 10 largest producers
  • New entity plans to seek listing on London Stock Exchange
Updated on

Endeavour Mining Corp., the acquisitive gold producer backed by Egyptian billionaire Naguib Sawiris, agreed to buy Teranga Gold Corp. in the latest deal to reshape the sector.

After Barrick Gold Corp. and Newmont Corp. created behemoths two years ago that dwarf the rest of the industry, other gold miners are trying to consolidate to remain relevant to shareholders. Helped by record gold prices, that’s led to a flurry of deals across the sector as smaller producers beef up their scale.