Zijin Mining Group has signed a definitive agreement with IAMGOLD to acquire the latter’s 95% interest in Rosebel Gold Mines, the 100% owner of the producing Rosebel gold mine in Suriname for $360m.
Under the terms of the agreement, IAMGOLD’s obligations for some equipment leases of Rosebel Gold Mines totalling nearly $41m will be released on closing of the deal.
Rosebel Gold Mines also has a 70% stake in the Saramacca mine, located in Suriname.
The remaining 5% interest in Rosebel Gold Mines will continue to be held by the Surinamese government.
The Rosebel gold mine project is located in the Brokopondo and Sipaliwini districts in northern Suriname, 80km south of Paramaribo. It comprises the Rosebel and the Saramacca mining areas.
IAMGOLD board chair, interim president, and CEO Maryse Bélanger said: “This transaction represents a significant step forward in pursuing IAMGOLD’s strategy of disciplined portfolio management as we look to create value for shareholders through a focus on core assets.
“The proceeds of the sale will be invested in the ongoing construction of our flagship Côté Gold project — a strong positive step towards addressing our funding commitments to deliver the Côté Gold project on the updated schedule for production in early 2024.
“Rosebel has been an important contributor to IAMGOLD and we are pleased that a company with the capabilities and reputation of Zijin, a leading global mining company, will be taking over this operation for the benefit of all stakeholders.”
The Rosebel mining area started production in 2004, while the Saramacca mining area began production in H2 2020. Together, the two areas produced a total of 5.65 million ounces of gold from 2004 to 2021.
The transaction, which is subject to receipt of regulatory approvals in China and Suriname, and other customary conditions, is anticipated to close in Q1 2023 or earlier.
