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Iamgold reveals $300m bought-deal financing to boost Côté stake to 70%

A January 2024 photo of the Cote project site in Ontario

A January 2024 photo of the Cote project site in Ontario

22nd May 2024

By: Creamer Media Reporter

     

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Canada-headquartered Iamgold on Tuesday announced a $300-million bought deal financing at $4.17 a share to partly fund the repurchase of 9.7% in the Côté gold mine, in Sudbury, Ontario.

Iamgold’s participation in the Côté Gold Joint Venture (UJV) is 60.3% and it has an option to repurchase 9.7% from Sumitomo as part of a December 2022 funding agreement.

Repurchasing the stake will return Iamgold to its full 70% interest in the mine, which recently celebrated its inaugural gold pour and is on track for commercial production in the third quarter.

Iamgold said the purchase price for the repurchase was equal to the initial funding of $250-million that Sumitomo contributed for the transferred interest, plus incremental contributions made, less gold production received, by Sumitomo owing to its increased ownership up to achieving commercial production.

Edited by Creamer Media Reporter

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