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Shares of IAMGOLD (NYSE:IAG) surged as much as 28% on Tuesday after the miner said it will sell its assets in the Bambouk region to Managem for about $282 million.
The sale includes company’s interests in its exploration and development projects in Senegal, Mali and Guinea.
Under the terms of the agreements, IAMGOLD will sell its 90% stake in Boto Gold Project, 100% interest in each of: the Diakha-Siribaya Gold Project in Mali, Karita Gold Project and associated exploration properties in Guinea, and the early stage exploration properties of Boto West, Senala West, Daorala and the vested interest in the Senala Option Earn-in Joint Venture also in Senegal.
The remaining 10% of Boto will continue to be held by the Government of Senegal.
The transactions are expected to close over the course of the second quarter into early third quarter of 2023.
BMO Capital Markets is acting as financial advisor to IAMGOLD.
