IAMGOLD TO SELL NIOBEC FOR A TOTAL CONSIDERATION OF US$530 MILLION

October
201410
Post by : Mine Niobec / No Comment

 IAMGOLD Corporation (“IAMGOLD” or “the Company”) today announced that it has reached an agreement to sell its Niobec mine, one of the world’s three niobium producers, to a group of companies led by Magris Resources Inc. for cash proceeds of $500 million after tax upon closing. The sale of Niobec, which is located in Saint-Honoré-de-Chicoutimi in the Saguenay-Lac-Saint-Jean region, Quebec, is to include the adjacent rare earth element (“REE”) deposit. The total consideration of $530 million for the transaction is comprised of a cash payment of $500 million payable on closing, as well as an additional $30 million when the adjacent REE deposit goes into commercial production. A 2% gross proceeds royalty will be payable on any REE production

Niobec sale announcement

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Le Guide et bonnes pratiques pour un processus harmonieux d’acquisition et d’indemnisation est la propriété intellectuelle du Comité du milieu. Les demandes de reproduction ou de traduction doivent être adressées au bureau de relations avec la communauté de Niobec.

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