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IAMGOLD to sell Boto Gold project and surrounding assets to Managem

Published by , Editorial Assistant
Global Mining Review,

IAMGOLD has 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).

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. The total consideration of US$282 million is subject to changes in inter-company loans associated with continued advancement of the projects between the date of the definitive agreement announcement and closing of respective asset sales. 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.

Maryse Bélanger, Chair of the Board of IAMGOLD and Interim President and CEO, commented:

“The sale of our Bambouk assets to Managem is the culmination of a comprehensive strategic review and sale process. We are pleased that ownership of the Bambouk assets will be assumed by Managem, which has decades of mining development and operating experience in Africa and intends to advance these assets responsibly, for the benefit of all stakeholders. IAMGOLD and Managem will work closely towards a smooth transition of ownership.

“The proceeds of the sales, coupled with the financing agreement with Sumitomo announced last night, meet the remaining funding requirements for completion of construction at the Côté Gold project, which is approximately 70% complete and on track for production in early 2024.”

Imad Toumi, Chairman and Chief Executive Officer of Managem, added:

“We are very pleased to have reached a deal with IAMGOLD on the Bambouk assets. This transaction will add to our solid portfolio of assets, reinforce our role as a Gold regional leader in Africa and contribute further to our position as a top-tier performer in the African mining industry. We are looking forward to work with the teams at Boto, Diakha and Karita to advance these projects within the framework and focus that is characteristic of Managem’s responsible and dynamic approach.”

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African mining news Gold mining news