Iamgold has completed the sale of 30% of its interest in the Côté Gold project to a wholly owned subsidiary of Japan’s Sumitomo Metal Mining (SMM) for $195m.

IAMGOLD owns a 92.5% interest in the Côté Gold project in Canada.

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Earlier this month, the parties have agreed to form a joint venture with regard to the project with IAMGOLD owning 70% and Sumitomo holding the remaining amount.

Following completion of the transaction, IAMGOLD received $100m in cash, while the remaining amount will be paid on completion of 18 months following closure, or the date of public filing of a feasibility study, whichever is earlier, with respect to the project.

IAMGOLD president and CEO Steve Letwin said: “Closing a transaction that has unlocked the hidden value of Côté Gold is tremendously exciting.

“In Sumitomo, we have a partner with a common interest in both advancing the development of Côté and in potentially pursuing future opportunities.”

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“Closing a transaction that has unlocked the hidden value of Côté Gold is tremendously exciting.”

The open-pit mining gold project is located around 120km south-south-west of the city of Timmins in Ontario.

In addition, the acquisition will give SMM access to regional mining claims near the project.

SMM expects scope for additional resources as the project is located in the Abitibi gold belt in the eastern part of Canada.

The company intends to partner with IAMGOLD to develop gold mining business.

SMM further added that in its long-term vision it aims to increase its attributable gold production to 30t per annum.

SMM will now have 27.75% in the overall project, which has proven and probable mineral reserves of 196 million tonnes at 0.94g/t Au.