Iamgold jumps after selling stake in Suriname mine to Zijin

Iamgold

18/10/2022 16:26

** Shares of Canadian miner Iamgold Corp  IMG.TO  surge
19.1% to C$1.75 - biggest pct gainer on the S&P/TSX composite
index  .GSPTSE 
    ** IMG to sell 95% stake in Rosebel Gold Mines unit in
northeastern Suriname to China's Zijin Mining Group Co Ltd
 601899.SS ,  2899.HK  for about $401 mln
    ** Says proceeds will be used to construct its flagship Côté
Gold project in Canada to help stay on track to begin production
in early 2024
    ** Proceeds include $360 mln in cash as well as release of
Iamgold's equipment lease liabilities amounting to about $41 mln
    ** IMG down ~57% so far this year
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))