(Kitco News) - IAMGOLD (TSX: IMG) (NYSE: IAG) announced today that it has entered into definitive agreements with Managem to sell, for aggregate consideration of approximately $282 million, the company's interests in its exploration and development projects in Senegal, Mali and Guinea.
Under the terms of the agreements, IAMGOLD will receive total cash payments of approximately $282 million as consideration for the shares and subsidiary/intercompany loans for the entities that hold the company'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 of Boto West, Senala West, Daorala and the vested interest in the Senala Option Earn-in Joint Venture also in Senegal.
Maryse Bélanger, Chair of the Board of IAMGOLD and Interim President and CEO, commented, "The sale of our Bambouk assets to Managem is the culmination of a comprehensive strategic review and sale process. We are pleased that ownership of the Bambouk assets will be assumed by Managem, which has decades of mining development and operating experience in Africa and intends to advance these assets responsibly, for the benefit of all stakeholders. IAMGOLD and Managem will work closely towards a smooth transition of ownership.
"The proceeds of the sales, coupled with the financing agreement with Sumitomo announced last night, meet the remaining funding requirements for completion of construction at the Côté gold project, which is approximately 70% complete and on track for production in early 2024."
Managem Group is a Pan-African and fully integrated mining group that has been developing and mining a balanced portfolio between gold and energy transition metals for more than 90 years. The group is present throughout the entire mining cycle, from exploration to the trading of commodities.
IAMGOLD is a mid-tier gold mining company operating in North America, South America and West Africa. The company has three operating mines: Essakane (Burkina Faso), Rosebel (Suriname) (sale transaction previously announced on October 18, 2022) and Westwood (Canada), and is building the large-scale, long life Côté Gold project (Canada), in partnership with Sumitomo Metals & Mining, which is expected to commence production in early 2024.
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