Iamgold consolidates Quebec gold district with Northern Superior acquisition
Toronto-listed Iamgold on Monday announced the $267.4-million acquisition of Northern Superior Resources, consolidating a major gold district in Quebec’s Chibougamau region into the 'Nelligan Mining Complex'.
Under the agreement, Northern Superior shareholders will receive 0.0991 of an Iamgold share and C$0.19 in cash a share, representing a 27.4% premium to Northern Superior’s 20-day volume-weighted average price.
The combination brings together Northern Superior’s Philibert, Chevrier and Croteau projects with Iamgold’s Nelligan and Monster Lake deposits. The resulting land package will total over 109 000 ha and host measured and indicated resources of 3.75-million ounces and inferred resources of 8.65-million ounces, making it one of Canada’s largest preproduction gold camps.
Iamgold said the proximity of the deposits – all within a 17 km radius – supported the concept of a central processing facility fed by multiple ore sources.
“The addition of Northern Superior’s assets to Iamgold’s Nelligan Mining Complex in the Chibougamau region of Quebec is extremely exciting,” said president and CEO Renaud Adams. “This acquisition aligns with our strategy to become a leading Canada-focused midtier gold producer, bolstering our organic pipeline in Quebec where we have maintained a longstanding presence.”
Adams added that the combined portfolio “complements both the scale and timing of our Côté Gold mine and its forthcoming expansion” and positions Iamgold to accelerate exploration aimed at expanding and extending mineralisation across Nelligan, Philibert and Monster Lake.
Upon completion, Iamgold shareholders will own about 97% of the combined company, with Northern Superior shareholders holding the remaining 3%. The transaction also includes a distribution of all ONGold Resources shares currently held by Northern Superior to its shareholders.
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