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

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.


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