Posted in | News | Gold | Mining Business

IAMGOLD Signs Selling Agreement with Gold Fields

IAMGOLD has signed an agreement to sell its 18.9% interest in Tarkwa and Damang gold mines in Ghana, West Africa, to Gold Fields for $667 million. This deal is likely to be completed before July 31, 2011.

This transaction is primarily one of the  many proposed projects in order to make a value for the shareholders. The company cannot use its ability and experience for developing and working the mines, if they are  not  operating  and having only a minority interest in the property. IAMGOLD has planned to invest in the mines, which they possess to give best results for the shareholders. Once the deal is completed, then the company will hold above one billion dollars in cash, cash counterparts and gold bars. Also, the company has $350 million undrawn credit facility.

In 2010, IAMGOLD has produced 139,000 ounces of gold from the Tarkwa mine and 43,000 ounces from Damang mine. The company has planned to provide details of its production guidance due to the transaction.


Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.


Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Iamgold Corp.. (2019, March 19). IAMGOLD Signs Selling Agreement with Gold Fields. AZoMining. Retrieved on March 29, 2023 from

  • MLA

    Iamgold Corp.. "IAMGOLD Signs Selling Agreement with Gold Fields". AZoMining. 29 March 2023. <>.

  • Chicago

    Iamgold Corp.. "IAMGOLD Signs Selling Agreement with Gold Fields". AZoMining. (accessed March 29, 2023).

  • Harvard

    Iamgold Corp.. 2019. IAMGOLD Signs Selling Agreement with Gold Fields. AZoMining, viewed 29 March 2023,

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type