IAMGOLD finally sells 18.9% shares in Ghana mines to Goldfields for $667m

Category: General News 23

Toronto-based gold miner, IAMGOLD Corporation, says it has finally sold its 18.9% shares in the Tarkwa and Damang gold mines in Ghana to Goldfields Limited.

IAMGOLD says it had received a sum cash of $667 million from Goldfields which has a 71.1% interest in the two mines.

“IAMGOLD Corporation announced today the closing of the sale of its 18.9% interest in the Tarkwa and Damang gold mines in Ghana, West Africa to Gold Fields Limited for $667 million in cash”, the annually one million ounces of gold producer said in a statement on June 22, 2011.

This means that Goldfields will operate in both mines with a 90% share interest with the Ghana government owning the remaining 10% interest.

The President and CEO of IAMGOLD, Steve Letwin, was cited in the statement as saying, “With the June closing of this transaction, we have delivered on our January 2011 declaration that we would sell our minority interest in these properties by the end of June for more than $600 million.”

He added, “As previously stated, this transaction is aligned with our strategy to focus on developing and operating mines that we own and operate.”

By Ekow Quandzie

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