IAMGOLD (TSX: IMG) (NYSE: IAG) announced Monday that it has reached an agreement to amend its joint venture agreement with Sumitomo Metal Mining and SMM Gold Cote.
Under the agreement, beginning in January 2023, Sumitomo will contribute funding amounts to the Côté gold project in Ontario, Canada, for approximately $340 million over the course of 2023.
IAMGOLD will transfer an approximate 10% interest in Côté to SMM. It will also pay a repurchase option fee to SMM and shall have the right to exercise the repurchase option between November 30, 2023, and November 30, 2026, to return to its full 70% interest in the Côté gold project.
IAMGOLD will remain the operator of the Côté gold project.
“The financial support of Sumitomo demonstrates to all of our stakeholders the strong validation of the Côté gold project from our partner and our alignment to complete construction and commence production,” Maryse Bélanger, interim CEO of IAMGOLD, said in a news release.
“On behalf of the Board and IAMGOLD, I want to thank Sumitomo for their continued support and dedication as together we continue to build what will be Canada’s third largest gold mine by production.”
“The Côté gold project remains on track for gold production in early 2024, in line with the updated schedule and cost to complete as outlined on our most recent project update,” Bélanger said.
from MINING.COM https://ift.tt/yCkdou4
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