Former Endeavour Mining CEO Returns to African Gold Sector After Payment Probe

Endeavour Mining former CEO Sebastien de Montessus. (Credit: Endeavour Mining)

Former Endeavour Mining chief executive Sébastien de Montessus has resurfaced in the African gold sector, taking the helm of an Africa-focused mining company nearly two years after being ousted over alleged irregular payments.

De Montessus has been appointed chief executive officer of Mansa Resources, a newly established firm tasked with turning around the Kouroussa gold mine, according to people familiar with the matter. Corporate filings in the United Arab Emirates show that de Montessus is also a board member of the Dubai-registered company, which was incorporated approximately 10 months ago.

Swift Comeback After 2024 Exit

The appointment marks a rapid return to senior leadership following de Montessus’s removal from Endeavour Mining in January 2024. Endeavour’s board forced him out over what it described as “serious misconduct” linked to more than US$20 million in payments made to a UAE-incorporated company. Following an internal investigation, Endeavour said it was unable to identify the ultimate beneficiary of the payments.

De Montessus has consistently denied personal benefit, stating that the funds were paid to a long-standing Endeavour contractor. He and the company reached a settlement in July 2024.

Ties to Hummingbird and West Africa Assets

As gold prices surged to record levels, de Montessus returned to the sector in an advisory role, assisting Burkinabe businessman Idrissa Nassa with the refinancing of Hummingbird Resources, sources said. Nassa—whose companies were Hummingbird’s largest shareholder and creditor—subsequently acquired the remaining shares and took the London-listed miner private in March 2025.

Mansa Resources has since acquired two former Hummingbird assets: the Kouroussa mine in Guinea and the Dugbe gold project. De Montessus is also understood to hold an equity stake in Mansa.

Shareholding and Financial Backing

Mansa’s largest shareholder is Nioko Resources, an investment vehicle linked to Nassa, according to people familiar with the structure. Orion Resource Partners, a New York-based investment firm that has partnered with the US government to mobilise up to US$5 billion for critical minerals investments, also holds a stake in the company and occupies a seat on Mansa’s board.

Nassa is the founder and owner of Coris Bank International, which operates across 10 African countries. Several executives affiliated with Nassa’s business interests are also listed as Mansa shareholders.

Track Record and Industry Reaction

De Montessus served as CEO of Endeavour Mining for nearly eight years, during which the company more than doubled annual gold production and cemented its position as one of Africa’s largest gold producers. Prior to Endeavour, he led a mining company owned by the family of Egyptian billionaire Naguib Sawiris, which later became a major Endeavour shareholder.

His return to a leadership role in African mining is likely to reignite debate around corporate governance, regulatory oversight, and executive accountability in the sector—particularly as governments across Africa adopt tougher stances on transparency and compliance.