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Iamgold owns 71% of Euro Ressources, reopens offer
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3rd December 2008
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TORONTO (miningweekly.com) – Toronto-based Iamgold now controls 71,6% of Euro Ressources, after the results of Iamgold's public offer for the France-based company were published by the French Autorite des Marches Financiers (AMF).

Iamgold will now reopen the public offer, at the same price of €1,20 a share, for ten days, according to AMF regulations.

The offer will reopen on December 4 and close on December 17.

Euro has a royalty on Iamgold's Rosebel mine, in Suriname, and the Canadian 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, but this figure now stands at $45/oz, based on current prices, Iamgold said on Wednesday.

Edited by: Liezel Hill

 

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