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Iamgold selling stake in Rosebel Gold Mines to Chinese company for US$360M in cash

The Canadian Press
Iamgold selling stake in Rosebel Gold Mines to Chinese company for US$360M in cash

TORONTO — Iamgold Corp. has signed a deal to sell its 95 per cent interest in Rosebel Gold Mines N.V. to Chinese company Zijin Mining Group Co. Ltd. for US$360 million in cash.

Under the terms of the agreement, Iamgold will also be released from about US$41 million in obligations for certain equipment leases.

Rosebel owns the Rosebel gold mine in Suriname and a 70 per cent participating interest in the Saramacca Mine, also located in the South American country.

The Government of Suriname will continue to hold a five per cent stake in Rosebel.

Iamgold says the proceeds of the sale will be invested in the ongoing construction of its Cote Gold project in Ontario.

The transaction, which is expected to close in the first quarter of 2023 or earlier, is subject to certain regulatory approvals as well as other customary closing conditions.

© 2022 The Canadian Press

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