(CNS Business): Law firm Walkers served as Cayman Islands counsel to Endeavour Mining Corporation in its recent acquisition of Avion Gold Corporation, a move that  has created one of the largest West African mining companies, and increases Endeavour's forecast gold production by 50% to approximately 300,000 ounces per year. The all-stock transaction includes a US$20 million Endeavour bridge loan to Avion, to be used toward completion of upgrades on the Tabakoto mill in Mali. These improvements, coupled with construction of Endeavour’s Agbaou Project in Côte d'Ivoire, are expected to further increase gold production growth to over 450,000 ounces per year.

“Walkers is delighted to continue our long-standing relationship with Endeavour by assisting on this deal,” said Ramesh Maharaj, partner with Walkers’ Global Finance and Corporate Group in the Cayman Islands. “This transaction significantly expands the Endeavour footprint in West Africa, and we look forward to Endeavour’s success in this new chapter.”

Endeavour Mining Corporation is a gold producer owning two mines in Ghana and Burkina Faso, with a third under construction in Côte d'Ivoire. The two operational mines produce approximately 195,000 ounces per year. The third mine is expected to generate an additional 100,000 ounces per year.

As companies increasingly delve into resource-rich Africa, International Financial Centres like Cayman play an important role by helping facilitate capital flows to and from the region, Walkers said in a release.