The preliminary proposal for a potential all-share combination between Africa-focused miners Centamin and Endeavour Mining has failed to impress the directors of Centamin, with the board unanimously rejecting the proposal.
In a statement on Wednesday, the Centamin board said that the proposal not only “materially undervalued” the miner, which owns and operates the 500 000 oz/y Sukari mine, in Egypt, but was also skewed in favour of Endeavour shareholders.