Copper News Hubb
Advertisement Banner
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Metal & Minerals Industry

Iamgold secures $340m from Sumitomo for Canadian gold project

admin by admin
December 20, 2022
in Metal & Minerals Industry


Iamgold will serve as the operator of the Côté gold project. Credit: Francesco Bovolin from Pixabay.

Iamgold has agreed to amend its Côté Gold joint venture agreement with Sumitomo Metal Mining and SMM Gold Cote.

As part of the agreement, Sumitomo will contribute certain funding amounts to Côté Gold Project in Ontario, Canada that in aggregate have about $340m during 2023. This is effective from January 2023.

In exchange, Iamgold will transfer about 10% interest in Côté to SMM as funding is made by SMM, subject to the right for IAMGOLD to repurchase the Transferred Interests pursuant to the terms of the agreement.

Following the funding, Iamgold will transfer a total of about 10% stake in Côté to SMM.

Furthermore, Iamgold will pay a repurchase option fee to SMM and have the right to exercise the repurchase option between 30 November 2023 and 30 November 2026, to return to its full 70% interest in the Côté gold project.

Iamgold will serve as the operator of the Côté gold project, which is located in the Chester and Yeo Townships, District of Sudbury, in northeastern Ontario.

The project is planned to be commissioned in the first quarter 2024.

In a press statement, IAMGOLD said: “Iamgold may exercise its option through the payment of the aggregate amounts advanced by Sumitomo in respect of the Transferred Interests, subject to certain adjustments as set out in the Agreement relating to the period between initial gold production and commercial production. Such terms are discussed further below and set out in detail in the Agreement.”

Sumitomo Metal Mining president and representative director Akira Nozaki said: “The Côté Gold Project has the potential to become a world-class, low-cost, long-life gold mine, and is one of the major pillars of Sumitomo Metal Mining’s growth strategy outlined in our “2021 3-Year Business Plan”.”





Source link

Previous Post

Taseko and Mitsui partner to develop Florence copper project

Next Post

New Model Allows For balancing Rare Plant Protection, Mine Development

Next Post

New Model Allows For balancing Rare Plant Protection, Mine Development

Recommended

Thickest Intersection To Date Extends Dimma Massive Nickel Sulphide Discovery To 112m Down-Dip

7 months ago

3 Trucks Smuggling Lithium Detained At Beitbridge Boarder-Zimbabwe

9 months ago

First Quantum Minerals Reports Third Quarter 2022 Results

11 months ago

NOVA ROYALTY COMPLETES ACQUISITION OF ADDITIONAL ROYALTY ON HUDBAY’S COPPER WORLD COMPLEX AND PROVIDES CORPORATE UPDATE

6 months ago

Copper remains around 7,600 USD per tonne (Mercuriales)

11 months ago

Horizonte Minerals PLC Announces Notice of Investor Presentation

9 months ago

© Copper News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Copper news
  • Metal & Minerals Industry
  • Mining
  • Contact

© 2022 Copper News Hubb All rights reserved.