Gold CEO ousted over mystery payments returns to African mining

Sebastien de Montessus — ousted as boss of Endeavour Mining Plc over alleged irregular payments — is back at the helm of an Africa-focused gold miner.

The 51-year-old French national was appointed chief executive officer of Mansa Resources Ltd. to turn around the firm’s flagship Kouroussa mine in Guinea, according to people familiar with the matter. A company database in the United Arab Emirates shows de Montessus is on the board of the Dubai-registered firm, which was set up 10 months ago.

As bullion’s record-breaking rally accelerated, the former Endeavour CEO returned to gold mining to advise Burkinabe businessman Idrissa Nassa on refinancing troubled Hummingbird Resources Plc, one of the people said. Nassa – whose companies were Hummingbird’s biggest shareholder and creditor – acquired the rest of the London-listed miner and took the firm private last March.

De Montessus is now heading Mansa, which has taken over two former Hummingbird assets: Kouroussa and the Dugbe development project in Liberia. He’s also a shareholder in the new firm, the people familiar said, asking not to be identified discussing the matter.

It’s a swift comeback after Endeavour’s board forced de Montessus out in January 2024 for alleged “serious misconduct” related to payments of more than $20 million to a company incorporated in the UAE. Following an investigation, Endeavour said it was unable to determine the ultimate beneficiary.

De Montessus has previously said he didn’t benefit personally from the payments and that they were made to an established Endeavour contractor. The miner and its ex-CEO reached a settlement in July 2024.

Nassa’s Nioko Resources Corp. is Mansa’s largest shareholder, one person familiar said. Orion Resource Partners – a New York-headquartered investment firm that’s teamed up with the US government to raise up to $5 billion for critical minerals deals – also owns shares in Mansa and has a seat on the board, according to the UAE registry, which doesn’t specify the size of the interest.

Nassa is the founder and owner of Coris Bank International SA, a banking group present across 10 African nations. Several executives at Nassa’s companies are also listed as Mansa shareholders.

De Montessus was CEO of Endeavour for almost eight years, during which time the company’s annual gold production more than doubled. Before that, he ran a mining firm owned by the family of Egyptian billionaire Naguib Sawiris, which became a major Endeavour shareholder in late 2015.

(By William Clowes)