Iamgold reclaims 70% stake in Côté Gold
Toronto-listed Iamgold on Monday announced that it had exercised its right to repurchase a 9.7% interest in the Côté gold mine from Sumitomo Metal Mining, effectively returning to its full 70% stake in the project in Ontario.
The transaction was finalised on November 30.
In December 2022, Iamgold and Sumitomo amended their Côté Gold joint venture agreement, which resulted in Sumitomo acquiring a 9.7% interest in the project. As part of this agreement, Iamgold retained a right of repurchase, which it has now exercised, completing the repurchase of Sumitomo's shares for $377-million. This amount includes a $23.7-million fee for the repurchase option, which had accrued during 2023.
Iamgold’s return to a 70% ownership stake in Côté further consolidates its control over the project and enhances its exposure to the mine’s future production, which is expected to ramp up significantly in the coming years.
"I would like to sincerely thank Sumitomo on behalf of Iamgold and the Côté gold team for their partnership and support," commented Iamgold president and CEO Renaud Adams.
"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 90% of nameplate throughput, positioning the project well to achieve full run rate next year."
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