Zijin also assumed Iamgold’s equipment lease liabilities. Credit: Chris Wiedenhoff from Pixabay.

Canadian miner Iamgold has completed the divestment of its 95% stake in Rosebel Gold Mines N.V. to China’s Zijin Mining Group.

Zijin paid $360m in cash and assumed $41m of Iamgold’s equipment lease liabilities.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The remaining 5% stake in Rosebel Gold Mines N.V. is held by the Suriname government.

Rosebel Gold Mines N.V. owns a 100% stake in the Rosebel Gold Mine and a 70% interest in the Saramacca Mine in Suriname.

Iamgold interim president and CEO Maryse Bélanger said: “With the completion of the sale of Rosebel, Iamgold has achieved an important milestone in the company’s strategy to create value for our stakeholders through disciplined portfolio management to fund the Côté Gold Project.

See Also:

“Côté Gold today is over 70% complete and remains on track for production in early 2024. This transaction, in addition to the previously announced sale of Iamgold’s West African gold assets and the financing agreement with Sumitomo, ensures the current remaining funding requirements for completion of construction at Côté have been met.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Located in the Chester and Yeo Townships, District of Sudbury, northeastern Ontario, the Côté Gold Project covers a total area of 596km².

Last December, Iamgold announced the decision to amend its Côté Gold joint venture agreement with Sumitomo Metal Mining and SMM Gold Cote.

According to the agreement, Sumitomo will contribute funding to the Côté Gold Project.

Meanwhile, Iamgold will transfer a 10% stake in Côté to SMM as funding is made by SMM.