Endeavour sells rare-earths investment for $5.3m

Endeavour Mining has sold its 38.5 per cent stake in Toronto-listed Namibia Rare Earths for $5.3 million.

Endeavour announced today it had sold its 30 million shares in NRE for $C0.18 ($0.18) per share.

Approximately 23.72 million of the shares were picked up by Canada’s Oberndorf Enterprises, while Endeavour did not disclose the buyer of the remaining 6 million shares.

The Perth-based gold miner described the interest as a non-core asset.

NRE’s flagship asset is the Lofdal rare earth mine in Namibia. Oberndorf becomes its largest shareholder following the acquisition.

At 2:00PM, WST, Endeavour shares had lost 2.5 per cent, trading at 9.7 cents.