IAMGOLD Announces Strategic Agreement with Sumitomo Metal Mining for the Development of Côté Gold
June 20, 2017
On June 20, 2017 IAMGOLD Corporation (“IAMGOLD”) entered into a joint venture with a wholly-owned subsidiary of Sumitomo Metal Mining Co., Ltd., (“Sumitomo”), a Japan-based mining company, with respect to IAMGOLD’s interest in the Côté Gold Project in Ontario. Sumitomo acquired a 30% undivided participating interest in IAMGOLD's ownership in the Côté Gold Project for an aggregate price of $195 million, of which $100 million was paid on closing. The remaining $95 million is payable on the earlier of 18 months following closing, or the public filing date of a Feasibility Study with respect to the Côté Gold Project.
Fasken Martineau advised IAMGOLD with a team that was led by Aaron Atkinson, Bradley Freelan and Michael Bourassa, and that included Myroslav Chwaluk, Jesse Bertollo, Ronald Nobrega, Paul V. Casuccio, Daniel Law, David Steinhauer, Huy Do, Maria Holder, Allyson Roy, and Jon J. Holmstrom.