IAMGOLD announced that it has entered into definitive agreements with Managem to sell, for aggregate consideration of approximately US$282 million, the company’s interests in its exploration and development projects in Senegal, Mali and Guinea (collectively, the Bambouk assets), globalminingreview.com reported.
Under the terms of the agreements, IAMGOLD will receive total cash payments of approximately US$282 million as consideration for the shares and subsidiary/inter-company loans for the entities that hold the company’s 90% interest in the Boto Gold project in Senegal and 100% interest in each of: the Diakha-Siribaya Gold project in Mali, Karita Gold project and associated exploration properties in Guinea, and the early stage exploration properties of Boto West, Senala West, Daorala and the vested interest in the Senala option earn-in joint venture also in Senegal. The remaining 10% of Boto will continue to be held by the Government of Senegal.
Inclusive of the total consideration is a US$30 million deferred payment to be paid out at the earlier of: six months after closing of the Boto Gold project and associated properties in Senegal, or at a time mutually agreed to by the parties.
Alex Shishlo for Rough&Polished
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