TORONTO (miningweekly.com) – Canadian gold-miner Iamgold's offer of €1,20 a share for royalty firm Euro Ressources is now open for acceptance in France and Canada, the company said on Monday.

France-based Euro has a royalty on Iamgold's Rosebel mine, in Suriname, and the miner announced in August that it would launch a takeover bid, in a move to lower cash costs at the operation.

The firm said at the time that costs could be reduced by some $50/oz if the takeover was successful.

Euro has a participation right royalty on production from the Rosebel mine that entitles it to payments of 10% of the gold price above $300/oz for production from soft rock and above $350/oz for production from hard rock.

Iamgold's offer will remain open for at least 25 trading days, although the closing date has yet to be set by the French Autorité des Marches Financiers.

The Toronto-based miner plans to fund the acquisition through existing cash reserves or credit facilities.

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