- IAMGOLD Corporation (IMG) has signed an agreement with Zijin Mining Group to sell its 95-per-cent interest in Rosebel Gold Mines for $360 million in cash
- The agreement includes the release of IAMGOLD’s equipment lease liabilities amounting to approximately $41 million
- Rosebel holds a 100-per-cent interest in the Rosebel Gold Mine and a 70-per-cent participating interest in the Saramacca Mine, located in Suriname
- The remaining five-per-cent interest in Rosebel will continue to be held by the Government of Suriname
- IAMGOLD is a mid-tier gold mining company operating in North America, South America and West Africa
- IAMGOLD Corporation opened trading at C$1.47 per share
IAMGOLD Corporation (IMG) has signed a definitive agreement with Zijin Mining Group to sell its 95-per-cent interest in Rosebel Gold Mines for $360 million in cash.
The agreement includes the release of IAMGOLD’s equipment lease liabilities amounting to approximately $41 million.
Rosebel holds a 100-per-cent interest in the Rosebel Gold Mine and a 70-per-cent participating interest in the Saramacca Mine, located in Suriname.
The remaining five-per-cent interest in Rosebel will continue to be held by the Government of Suriname.
Under the terms of the agreement, IAMGOLD will receive a cash consideration of $360 million for its 95-per-cent interest in Rosebel, subject to certain working capital adjustments on closing.
In addition, IAMGOLD’s obligations for certain equipment leases of Rosebel amounting to approximately $41 million will be released on closing.
The existing royalty on Rosebel held by Euro Ressources S.A. will remain an obligation of IAMGOLD.
“This transaction represents a significant step forward in pursuing IAMGOLD’s strategy of disciplined portfolio management as we look to create value for shareholders through a focus on core assets,” noted Maryse Bélanger, Chair of the Board and Interim President and CEO.
“The proceeds of the sale will be invested in the ongoing construction of our flagship Côté Gold project — a strong positive step towards addressing our funding commitments to deliver the Côté Gold project on the updated schedule for production in early 2024,” she added.
The transaction is expected to close early in the first quarter of 2023 or earlier, subject to closing conditions being met.
IAMGOLD is a mid-tier gold mining company operating in North America, South America and West Africa.
IAMGOLD Corporation (IMG) opened trading at C$1.47 per share.
