Iamgold up 26% on Cote mine funding news CanadiansInvest
-NYSE] is equipped to meet its share of the remaining construction costs at the Cote gold project in Ontario after striking a deal with Managem Group to sell its interests in a basket of exploration and development projects in Senegal, Mali and Guinea for US$282 million.
The assets being sold are entities that hold Iamgold’s 90% interest in the Boto Gold Project in Senegal, and 100% interest in each of the Diakha-Siribaya Gold Project in Mali, Karita Gold Project and associated exploration properties in Guinea, and the early-stage exploration properties in Boto West, Senala West, Daorala and the vested interest in the Senala Option Earn-in join venture, also located in Senegal.
Iamgold will remain as operator of the Cote project. The asset sale, combined with a financing transaction with Sumitomo means Iamgold is now fully funded for the remaining financial requirements for completion of construction at the Cote project, where the company is on track for production in 2024.
Iamgold will pay a repurchase option fee to Sumitomo, leaving the gold miner with the right to exercise the repurchase option on seven dates between November 30, 2023 and November 30, 2026, to return to its full 70% interest in the Cote project.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IAMGOLD announces up to $340M in additional funding for the construction of Cote projectA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
Read more »
Moroccan mining company Managem acquires assets of Canada’s Iamgold in Senegal, Mali and GuineaManagem said it purchased the Iamgold assets in the three African countries for a total cost of $282-million
Read more »
IAMGOLD to sell its Boto gold project and surrounding exploration assets for $282 millionA roundup of all the mining news in the precious metals sector with a variety of company news, mining sector analysis, newsletter writer insights and executive interviews.
Read more »
Gogama's IAMGOLD project gets a lifeline from Japanese partnerSumitomo Metal Mining loans $340 million to finish construction of Côté mine project
Read more »
Iamgold sells exploration and development projects in Africa for US$282M - BNN BloombergShares of Iamgold soared more than 20 per cent after it signed deals to sell the company's interests in exploration and development projects in Senegal, Mali and Guinea to Managem for US$282 million.
Read more »
Tom Brady isn't spending Christmas with his kidsTom Brady is set to celebrate Christmas with his kids on Dec. 26.
Read more »