All monetary amounts are expressed in
U.S. dollars, unless otherwise indicated.
TSX: IMG
NYSE: IAG
TORONTO,
June 20, 2017
/PRNewswire/ - IAMGOLD Corporation ("IAMGOLD" or the
"Company") today announced that it has completed the sale of 30% of
its interest in the Côté Gold Project to a wholly-owned subsidiary
of Sumitomo Metal Mining Co., Ltd. ("Sumitomo") for $195 million, as previously announced on
June 5, 2017.
On closing, IAMGOLD received $100
million in cash, with the remaining $95 million payable on the earlier of 18 months
following closing, or the date of public filing of a feasibility
study with respect to the Côté Gold Project. With the completion of
this transaction, the Company's liquidity now exceeds $1 billion.
"Closing a transaction that has unlocked the hidden value
of Côté Gold is tremendously exciting," said Steve Letwin, President and CEO of IAMGOLD. "In
Sumitomo, we have a partner with a common interest in both
advancing the development of Côté and in potentially pursuing
future opportunities."
In connection with the sale, IAMGOLD and Sumitomo have
entered into a joint venture with respect to the Côté Gold Project,
IAMGOLD having 70% and Sumitomo having 30% of the total
participating interests in the joint venture.
Advisors
In connection with this
transaction, RCI Capital Group acted as financial advisor and
originator of the buy side on behalf of IAMGOLD, Fasken Martineau
acted as legal counsel to IAMGOLD, and DLA Piper (Canada) acted as legal counsel to
Sumitomo.
About Sumitomo Metal Mining Co.,
Ltd.
Sumitomo Metal Mining Co., Ltd. is a
Japan based company with
approximately $7.3 billion in revenue
in fiscal year ending March 31, 2017.
The Company is primarily focused on the development and mining of
non-ferrous metals, and produces and markets copper, gold, nickel,
and other precious metals. Sumitomo Metal Mining is listed on the
Tokyo Stock Exchange (5713).
About IAMGOLD
IAMGOLD
(www.iamgold.com) is a mid-tier
mining company with four operating gold mines on three continents.
A solid base of strategic assets in North and South America and West Africa is complemented by development and
exploration projects and continued assessment of accretive
acquisition opportunities. IAMGOLD is in a strong financial
position with extensive management and operational
expertise.
Forward Looking Statement
This news
release contains forward-looking statements. All statements, other
than of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will
or may occur in the future (including, without limitation,
statements regarding future opportunities, expected, estimated or
planned gold production, cash costs, margin expansion, capital
expenditures and exploration expenditures and statements regarding
the estimation of mineral resources, exploration results, potential
mineralization, potential mineral resources and mineral reserves)
are forward-looking statements. Forward-looking statements are
generally identifiable by use of the words "will", "should",
"continue", "expect", "estimate", "believe", "plan" or "project" or
the negative of these words or other variations on these words or
comparable terminology. Forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the
Company's ability to control or predict, that may cause the actual
results of the Company to differ materially from those discussed in
the forward-looking statements. Factors that could cause
actual results or events to differ materially from current
expectations include, among other things, without limitation,
failure to meet expected, estimated or planned gold production,
cash costs, margin expansion, capital expenditures and exploration
expenditures and failure to establish estimated mineral resources,
the possibility that future exploration results will not be
consistent with the Company's expectations, changes in world gold
markets and other risks disclosed in IAMGOLD's most recent Form
40-F/Annual Information Form on file with the United States
Securities and Exchange Commission and Canadian provincial
securities regulatory authorities. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking
statement.
Please note:
This entire news release may
be accessed via fax, e-mail, IAMGOLD's website at www.iamgold.com
and through CNW Group's website at www.newswire.ca. All material
information on IAMGOLD can be found at
www.sedar.com or at
www.sec.gov.
Si vous désirez obtenir la version française de ce
communiqué, veuillez consulter le
http://www.iamgold.com/French/accueil/default.aspx.
SOURCE IAMGOLD Corporation