Zijin to buy Rosebel from Iamgold for $360m
Canada-based Iamgold on Tuesday announced that it would sell its shareholding in the Rosebel gold mine, in Suriname, to Zijin Mining for $360-million.
The Chinese mining group will acquire Iamgold’s 95% interest in Rosebel Gold Mines, which holds a 100% interest in the Rosebel mine and a 70% participating interest in the Saramacca mine, located in Suriname. The remaining 5% interest in Rosebel will continue to be held by the government of Suriname.
Iamgold in January announced that it was evaluating options for the Rosebel mine, noting that it would require a material capital investment to address certain challenges.
Chairperson and interim president and CEO Maryse Belanger said that the transaction with Zijin was a significant step forward in pursuing Iamgold’s strategy of disciplined portfolio management.
The proceeds of the sale would be invested in the ongoing construction of the Côté Gold project, in Canada, which Belanger said represented a strong positive step towards addressing its funding commitments to deliver the project on the updated schedule for production in early 2024.
The Côté project is $1.9-billion over its original cost estimate of $879-million to $925-million. Iamgold’s share of that is $1.3-billion.
The Rosebel transaction is subject to certain regulatory approvals including the receipt of approvals from the relevant authorities in China, approval for transfer of licences from the government of Suriname, as well as other customary closing conditions.
The transaction is expected to close early in the first quarter of 2023 or earlier, subject to closing conditions being met.
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