Business
IAMGOLD Announces Closing of Previously Announced Sale of Exploration and Development Assets in Senegal
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 Closing of Previously Announced Sale of Exploration and Development Assets in SenegalAll monetary amounts are expressed in U.S. dollars, unless otherwise indicated.Toronto, Ontario--(Newsfile Corp. - April 26, 2023) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) (\"IAMGOLD\" or the \"Company\") is pleased to announce that it has closed the sale of its 90% interest in the Boto Gold Project (\"Boto\") in Senegal and its 100% interest in 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, (together with Boto, the \"Senegal Assets\") for aggregate gross cash proceeds of approximately $197.6 million (pre-tax). The gross proceeds include deferred payments of approximately $32 million which are expected to be received during the third quarter 2023. The remaining 10% interest in Boto will continue to be held by the Government of Senegal.The sale of the Senegal Assets is part of the previously announced transactions with Managem (CAS: MNG) (collectively, the \"Transactions\") pursuant to which IAMGOLD will receive approximately $282 million (pre-tax) in consideration for the shares and subsidiary/intercompany loans of the entities that hold the Company's interest in the Senegal Assets, the Diakha-Siribaya Gold Project in Mali and the Karita Gold Project and associated exploration properties in Guinea.Closing of the remaining Transactions remain on track for later in the second quarter into the third quarter 2023.About IAMGOLDIAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. The Company is building the large-scale, long life Côté Gold project in Canada in partnership with Sumitomo Metals & Mining of Japan, which is expected to commence production in early 2024. IAMGOLD employs approximately 3,300 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance (\"ESG\") practices, including its commitment to Zero Harm®, in every aspect of its business. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG) and is one of the companies on the Jantzi Social Index (\"JSI\"), a socially screened market capitaliza...