Iamgold Closes $195 Million Deal with Sumitomo Metal Mining

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Iamgold Corporation IAG has closed the sale of 30% of its interest in the Cote Gold Project in Ontario to a fully-owned subsidiary of Sumitomo Metal Mining Co., Ltd. for $195 million. The deal was announced on Jun 5.

Iamgold received $100 million in cash on deal closing with the balance $95 million is payable on the date of public filing of feasibility study with respect to the Cote Gold project or 18 months following the deal closure, whichever is earlier.

Iamgold and Sumitomo have also entered into a joint venture (JV) with respect to the project with Iamgold owning 70% of the total participating interests in the JV while Sumitomo having the remaining 30%.

Iamgold's shares have rallied 55.2% in the last six months, outperforming the Zacks categorized Mining-Gold industry's gain of 12.3%.

Iamgold Corporation Price and Consensus

 

Zacks Rank & Other Stocks to Consider

Iamgold currently sports a Zacks Rank #1 (Strong Buy).

Other top-ranked stocks in the basic material space include BASF SE BASFY, The Chemours Company CC and Huntsman Corporation HUN. All the three stocks sport a Zacks Rank #1. You can see the complete list of today's Zacks #1 Rank stocks here.

BASF has expected long-term growth of 8.9%.

Chemours has expected long-term growth of 15.5%.

Huntsman has expected long-term growth of 7%.

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BASF SE (BASFY): Free Stock Analysis Report

Huntsman Corporation HUN: Free Stock Analysis Report

Chemours Company (The) (CC): Free Stock Analysis Report

Iamgold Corporation IAG: Free Stock Analysis Report

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