Business
IAMGOLD Announces Agreement to Sell Its Boto Gold Project and Surrounding Exploration Assets to Managem for Total Consideration of $282 Million
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. Toronto, Ontario...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD Announces Agreement to Sell Its Boto Gold Project and Surrounding Exploration Assets to Managem for Total Consideration of $282 MillionAll monetary amounts are expressed in U.S. dollars, unless otherwise indicated.Toronto, Ontario--(Newsfile Corp. - December 20, 2022) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) (\"IAMGOLD\" or the \"Company\") is pleased to announce that it has entered into definitive agreements with Managem (CAS: MNG) to sell, for aggregate consideration of approximately $282 million, the Company's interests in its exploration and development projects in Senegal, Mali and Guinea (collectively, the \"Bambouk assets\").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 (\"Boto\") 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. The remaining 10% of Boto will continue to be held by the Government of Senegal. The total consideration of $282 million is subject to changes in intercompany loans associated with continued advancement of the projects between the date of the definitive agreement announcement and closing of respective asset sales. Inclusive of the total consideration is a $30 million deferred payment to be paid out at the earlier of: six months after closing of the Boto Gold Project and associated properties in Senegal, or at a time mutually agreed to by the parties.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...