West Africa-focused gold miner Avesoro Resources (TSX, AIM:ASO) said on Thursday that its majority shareholder has formally submitted an offer to acquire shares in the company it doesn’t already own.
The bidder, Avesoro Jersey, already has a 72.9% stake in the bullion producer and is offering £1 (about $1.20) per share of Avesoro Resources.
Company has faced several issues at its Youga mine in Burkina Faso and New Liberty in Liberia this year.
Minority investors have until Nov. 22 to let go of their
shares in Avesoro Resources, which has faced several issues at its Youga mine
in Burkina Faso and New Liberty in Liberia this year.
In August, a security guard at Youga shot and killed an
illegal miner found on the premises, which led to a break-in by an armed group
of fellow artisanal miners.
The Toronto-based miner had to halt operations as a
precautionary measure and government security forces currently remain in order to protect the company’s
assets.
Avesoro also had to suspend work at its New Liberty mine this
year due to heavy rainfall flooding the pit, which hindered gold shipments from
the mine.
In early October, a pit wall collapse forced the company to
halt again production at the Liberian mine.
As a result, Avesoro cut annual output guidance for both mines and said its gold production and cost guidance remained under review.