Mid-tier gold miner IAMGOLD Corp. has entered into a definitive agreement with Zijin Mining to sell its 95% interest in Rosebel Gold Mines N.V. for cash consideration of US$360 million and release of its equipment lease liabilities amounting to $41 million.
Rosebel holds a 100% interest in the Rosebel gold mine and a 70% participating interest in the Saramacca mine, both located in Suriname. The remaining 5% interest in Rosebel will continue to be held by the Government of Suriname.
“The proceeds of the sale will be invested in the ongoing construction of our flagship Côté Gold project – a strong positive step towards addressing our funding commitments to deliver the Côté Gold project on the updated schedule for production in early 2024,” said Maryse Bélanger, IAMGOLD interim president and CEO/chair of the board.
“Rosebel has been an important contributor to IAMGOLD and we are pleased that a company with the capabilities and reputation of Zijin, a leading global mining company, will be taking over this operation for the benefit of all stakeholders. We will work closely with Zijin to ensure a smooth transition.”
The transaction is expected to close in the first quarter of 2023 or earlier, subject to closing conditions being met.
The Rosebel gold mine is located in the mineral rich Brokopondo district in northeastern Suriname. Attributable gold production at the mine site in 2022 is expected to be in the range of 155,000 to 180,000 ounces.