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China's Zijin Mining buys Iamgold's Rosebel gold mine in Suriname
Iamgold Shares Surge on Sale of Suriname Mine to China's Zijin Mining
By Ruhi Soni
Tuesday, October 18, 2022
Canadian gold miner Iamgold Corp. shares surged 16% today after it decided to sell 95% stake in Rosebel Gold Mines unit in northeastern Suriname to China's Zijin Mining Group Co. Ltd. for about $401 million.
The Toronto-based company said the proceeds from the sale will be used to construct its flagship Cote Gold project in Canada so that it can stay on track to begin production in early 2024.
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The Rosebel Gold Mine unit holds a mine in Suriname of the same name as well as a 70% interest in the Saramacca Mine, Iamgold said, adding that the country's government will continue to hold the remaining 5% interest in the unit. ...
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