IAMGOLD Announces Return to 70% Ownership in Côté Gold with Repurchase of 9.7% Interest
IAMGOLD has exercised its right to repurchase a 9.7% interest in the Côté Gold Mine from Sumitomo Metal Mining, restoring its ownership to 70%. The transaction, completed on November 30, 2024, had a final purchase price of approximately $377 million, including a $23.7 million repurchase option fee accrued during 2023. The Côté Gold project remains on schedule to exit the year at 90% of nameplate throughput, with full run rate expected next year.
IAMGOLD ha esercitato il suo diritto di riacquistare una quota del 9,7% nella Côté Gold Mine da Sumitomo Metal Mining, ripristinando la sua proprietà al 70%. La transazione, completata il 30 novembre 2024, ha avuto un prezzo d'acquisto finale di circa 377 milioni di dollari, inclusa una commissione di opzione di riacquisto di 23,7 milioni di dollari accumulata durante il 2023. Il progetto Côté Gold rimane in linea con il programma per chiudere l'anno al 90% della capacità nominale di produzione, con un tasso di piena produzione previsto per il prossimo anno.
IAMGOLD ha ejercido su derecho de recompra de un 9,7% de participación en la Côté Gold Mine de Sumitomo Metal Mining, restaurando su propiedad al 70%. La transacción, completada el 30 de noviembre de 2024, tuvo un precio de compra final de aproximadamente 377 millones de dólares, incluyendo una tarifa de opción de recompra de 23,7 millones de dólares acumulada durante 2023. El proyecto Côté Gold sigue programado para cerrar el año a 90% de la capacidad nominal de producción, con un ritmo de producción completo esperado para el próximo año.
IAMGOLD는 Sumitomo Metal Mining로부터 Côté Gold Mine의 9.7% 지분을 재매입할 권리를 행사하여 소유권을 70%으로 회복했습니다. 이 거래는 2024년 11월 30일에 완료되었으며, 최종 구매 가격은 약 3억 7천7백만 달러였습니다. 여기에는 2023년에 발생한 2천3백7십만 달러의 재매입 옵션 수수료가 포함되어 있습니다. Côté Gold 프로젝트는 연말에 명목 처리량의 90%으로 종료될 예정이며, 내년에는 전체 생산량이 예상됩니다.
IAMGOLD a exercé son droit de racheter un intérêt de 9,7% dans la Côté Gold Mine de Sumitomo Metal Mining, restaurant ainsi sa propriété à 70%. La transaction, finalisée le 30 novembre 2024, a eu un prix d'achat final d'environ 377 millions de dollars, y compris des frais d'option de rachat de 23,7 millions de dollars accumulés pendant l'année 2023. Le projet Côté Gold reste sur la bonne voie pour clôturer l'année à 90% de la capacité nominale de traitement, avec un taux de production complet prévu pour l'année prochaine.
IAMGOLD hat sein Recht auf Rückkauf einer 9,7% Beteiligung an der Côté Gold Mine von Sumitomo Metal Mining ausgeübt und damit seinen Eigentumsanteil auf 70% wiederhergestellt. Die Transaktion, die am 30. November 2024 abgeschlossen wurde, hatte einen endgültigen Kaufpreis von etwa 377 Millionen Dollar, einschließlich einer Rückkaufoptionsgebühr von 23,7 Millionen Dollar, die im Jahr 2023 angefallen ist. Das Côté Gold Projekt bleibt im Zeitplan, um das Jahr mit 90% der Nennkapazität abzuschließen, wobei für das nächste Jahr eine vollständige Produktionsrate erwartet wird.
- Increased ownership stake in Côté Gold Mine from 60.3% to 70%
- Project on track to achieve 90% of nameplate throughput by year-end
- Full production run rate expected next year
- Significant cash outlay of $377 million for the repurchase
Insights
The
The timing is strategic, coming as Côté nears full production capacity. The investment indicates management's positive outlook on gold prices and the project's economics. While the purchase price is substantial, the long-term benefits of increased ownership in what's positioned to be one of Canada's largest gold mines could significantly enhance shareholder value, especially if gold prices remain strong.
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario--(Newsfile Corp. - December 2, 2024) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") is pleased to announce that effective November 30, 2024, it has exercised the right to repurchase the
"I would like to sincerely thank Sumitomo on behalf of IAMGOLD and the Côté Gold team for their partnership and support," commented Renaud Adams, President and Chief Executive Officer of IAMGOLD. "This transaction was very important for IAMGOLD, demonstrating our strong working relationship and our mutual belief in the potential of Côté. We are honoured to stand beside Sumitomo as we work together to advance and grow what we believe will be among Canada's largest gold mines for decades to come. In the near term, Côté remains on track for exiting this year at
The final purchase price for this repurchase was approximately
About IAMGOLD
IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. The Company has commenced production at the large-scale, long life Côté Gold Mine in partnership with Sumitomo Metal Mining Co. Ltd., which is expected to be among the largest gold mines in Canada. In addition, the Company has an established portfolio of early stage and advanced exploration projects within high potential mining districts. IAMGOLD employs approximately 3,600 people and is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices, including its commitment to Zero Harm®, in every aspect of its business. IAMGOLD is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG).
IAMGOLD Contact Information
Graeme Jennings, Vice President, Investor Relations
Tel: 416 360 4743 | Mobile: 416 388 6883
Toll-free: 1 888 464 9999
info@iamgold.com
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FAQ
What percentage of Côté Gold does IAMGOLD (IAG) now own after the repurchase?
How much did IAMGOLD (IAG) pay to repurchase the 9.7% stake in Côté Gold?
What is the expected throughput target for Côté Gold by the end of 2024?
