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Economic, Resource

Iamgold sells exploration and development projects in Africa for US$282 million

The Canadian Press
Iamgold sells exploration and development projects in Africa for US$282 million

TORONTO – Shares of Iamgold Corp. 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.

Iamgold shares were up 59 cents or nearly 24 cents at C$3.09 on the Toronto Stock Exchange.

Maryse Belanger, Iamgold’s chair and interim president and CEO, says the sale is the result of a strategic review and sale process.

Belanger says the proceeds, together with a financing agreement with Sumitomo, meet the remaining funding requirements to complete of construction at the company’s Cote gold project in northern Ontario.

The Cote gold project is about 70 per cent finished and on track for production in early 2024.

The transactions, which are subject to regulatory approvals as well as other customary closing conditions, are expected close over the course of the second quarter and into early third quarter of 2023.

©2022 THE CANADIAN PRESS

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