https://www.engineeringnews.co.za

Iamgold completes Côté stake sale

21st June 2017

By: Creamer Media Reporter

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Canadian gold miner Iamgold has completed the sale of a 30% interest in the Côté gold project, in Ontario, to a subsidiary of Sumitomo Metal Mining for $195-million.

Iamgold, which still owns the remaining 70% interest in the project, has received $100-million in cash and the balance is payable on the earlier of 18 months following closing, or the date of public filing of a feasibility study with respect to the project.

With the completion of this transaction, Iamgold’s liquidity now exceeds $1-billion.

“Closing a transaction that has unlocked the hidden value of Côté is tremendously exciting. In Sumitomo, we have a partner with a common interest in both advancing the development of Côté and in potentially pursuing future opportunities,” commented Iamgold president and CEO Steve Letwin.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sweet-Orr
Sweet-Orr

Sweet-Orr, established in 1871, is a global leader in superior protective workwear, known for quality, innovation, and performance.

VISIT SHOWROOM 
ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.063 1.31s - 140pq - 2rq
Subscribe Now