IAMGOLD Signed Agreement to Sell Bambouk Gold Mine Assets

SEATTLE (Scrap Monster): Toronto, Ontario-headquartred IAMGOLD Corporation announced that it has entered into a definitive agreements to sell its interests in exploration and development projects located at Senegal, Mali and Guinea, collectively known as the Bambouk assets. The agreements with Managem is for a total consideration of approximately $282 million.

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As per terms of the agreement, IAMGOLD will offload its 90% interest in the Boto Gold Project in Senegal. The remaining 10% will continue to be held by the Senagalese government. Also, it will exit completely from 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 and Daorala. In addition, the deal also includes sale of vested interest in the Senala Option Earn-in Joint Venture in Senegal, said the company press release.

The proceeds of the sales will be used to fund the completion works of construction of Cote Gold Project, which the company expects to be online by early-2024.

Commenting on the development, Maryse Belanger, Chairman, Interim President and CEO, IAMGOLD said that the sale of the Bambouk assets to Managem marks the culmination of a comprehensive strategic review and sale process.