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Rosebel Goldmines passes into Chinese hands

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Rosebel Goldmines NV is sold to the Chinese Zijin Mining Group Co. Canadian multinational Iamgold Corporation is selling its 95% stake in Rosebel Goldmines for US$360 million. It also receives approximately U$41 million in equipment lease obligations. Rosebel has a 95% interest in the Rosebel Goldmine and a 70% interest in the Saramacca mine. The government has a 5% stake in Rosebel which it retains.

Early in the first quarter of 2023 the transaction is expected to close, but only if the closing conditions are met.

Under the terms of sale, Iamgold will receive a cash consideration of US$360 million for its 95% interest in Rosebel subject to certain closing working capital adjustments. In addition, Iamgold’s obligations for certain leases of equipment from Rosebel amounting to approximately US$41 million will be released upon closing. The existing royalty on Rosebel held by Euro Resources S.A. remains an obligation of Iamgold, the multinational said in a statement.

Maryse Belanger, chairman of the Board and Interim President and CEO of Iamgold noted that Rosebel has made a significant contribution to IAMGOLD and they are delighted that a company with the capabilities and reputation of Zijin, a leading global mining company, will take over this operation for the benefit of all stakeholders. They will work closely with Zijin to ensure a smooth transition.

Iamgold will use the entire net sales proceeds to build its flagship Côté Gold project. Iamgold aims to meet its financing obligations to deliver the Côté Gold project under the updated production schedule in early 2024.

The Côté Gold Project is located in the Chester and Yeo Townships, Sudbury District, in northeastern Ontario, Canada. Iamgold has an interest of 64.75%. The project, which is in full progress, is expected to have first gold production in the first quarter of 2024.

 

 

 

 

 

 

 

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