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IAMGOLD Announces Return to 70% Ownership in Côté Gold with Repurchase of 9.7% Interest
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. Toronto, Ontari...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD Announces Return to 70% Ownership in Côté Gold with Repurchase of 9.7% InterestAll monetary amounts are expressed in U.S. dollars, unless otherwise indicated.Toronto, Ontario--(Newsfile Corp. - December 2, 2024) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) (\"IAMGOLD\" or the \"Company\") is pleased to announce that effective November 30, 2024, it has exercised the right to repurchase the 9.7% interest of the Côté Gold Mine (\"Côté Gold\") that was transferred to Sumitomo Metal Mining Co., Ltd. (\"Sumitomo\") through the amended Côté Gold Joint Venture Agreement announced on December 19, 2022. This transaction returns IAMGOLD to its full 70% interest in Côté Gold.\"I would like to sincerely thank Sumitomo on behalf of IAMGOLD and the Côté Gold team for their partnership and support,\" commented Renaud Adams, President and Chief Executive Officer of IAMGOLD. \"This transaction was very important for IAMGOLD, demonstrating our strong working relationship and our mutual belief in the potential of Côté. We are honoured to stand beside Sumitomo as we work together to advance and grow what we believe will be among Canada's largest gold mines for decades to come. In the near term, Côté remains on track for exiting this year at 90% of nameplate throughput, positioning the project well to achieve full run rate next year.\"The final purchase price for this repurchase was approximately $377 million and included $23.7 million for the repurchase option fee accrued during 2023.About IAMGOLDIAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. The Company has commenced production at the large-scale, long life Côté Gold Mine in partnership with Sumitomo Metal Mining Co. Ltd., which is expected to be among the largest gold mines in Canada. In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts. IAMGOLD employs approximately 3,600 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices, including its commitment to Zero Harm®, in every aspect of its business. IAMGOLD is listed on the New York Stock Exc...