IAMGOLD Closes the Sale of its 100% Stake in the Karita Gold Project

Zacks12-24

IAMGOLD Corporation IAG has completed the sale of its 100% stake in the Karita Gold Project and related exploration assets in Guinea. This transaction fulfills a part of an agreement inked with ...

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This transaction fulfills a part of an agreement inked with ...</p>\n\n<a href=\"https://finance.yahoo.com/news/iamgold-closes-sale-100-stake-142400359.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IAG","symbol_name":"IAMGOLD Corp","start_time":0,"source_url":"https://finance.yahoo.com/news/iamgold-closes-sale-100-stake-142400359.html","article_id":"2494036486","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/O1_Wqw_hfun2h4yRJUQ8rg--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/f6190a6b007a6513d2849ffab6a567e7"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2494036486","pubTimestamp":1735050240,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"IAMGOLD Corporation IAG has completed the sale of its 100% stake in the Karita Gold Project and related exploration assets in Guinea. This transaction fulfills a part of an agreement inked with Managem two years ago, under which IAG had committed to sell interests in its exploration and development projects in Senegal, Guinea and Mali.Per the deal, IAMGOLD would receive cash payments totaling $282 million.IAMGOLD had announced the deal with Managem on Dec. 20, 2022. It entailed the sale of IAMGOLD’s 90% interest in the Boto Gold Project in Senegal and 100% interest in each of the Diakha-Siribaya Gold Project in Mali, Karita Gold Project and associated exploration properties in Guinea. It also included the early-stage exploration properties of Boto West, Senala West and Daorala as well as the vested interest in the Senala Option Earn-in Joint Venture .In April 2024, IAG divested its interests in Senegal for aggregate gross cash proceeds of $197.6 million. This included its 90% interest ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IAG":"IAMGOLD Corp","BK4570":"地缘局势概念股","BK4210":"白银","IE00B19Z4B17.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) ACC","FSM":"Fortuna Silver Mines Inc","BK4017":"黄金","LU2065731478.USD":"ALLSPRING (LUX) WORLDWIDE FUND - SMALL CAP INNOVA \"I\" (USD) ACC","NGD":"New Gold","IE00B66KJ199.SGD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY  \" A\" (SGD) ACC","CRS":"卡朋特科技","BK4006":"钢铁","IE0031619046.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) INC","IE00B7SZL793.SGD":"Legg Mason Royce - US Small Cap Opportunity A Acc SGD-H"},"translate_title":"IAMGOLD完成Karita金矿项目100%股权的出售","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CRS":1,"FSM":1,"IAG":1,"NGD":1},"content_text":"IAMGOLD Corporation IAG has completed the sale of its 100% stake in the Karita Gold Project and related exploration assets in Guinea. This transaction fulfills a part of an agreement inked with Managem two years ago, under which IAG had committed to sell interests in its exploration and development projects in Senegal, Guinea and Mali. \nPer the deal, IAMGOLD would receive cash payments totaling $282 million.\nProgress on the IAMGOLD & Managem Deal So Far\nIAMGOLD had announced the deal with Managem on Dec. 20, 2022. It entailed the sale of IAMGOLD’s  90% interest in the Boto Gold Project in Senegal and 100% interest in each of the Diakha-Siribaya Gold Project in Mali, Karita Gold Project and associated exploration properties in Guinea. It also included the early-stage exploration properties of Boto West, Senala West and Daorala as well as the vested interest in the Senala Option Earn-in Joint Venture (also in Senegal). \nIn April 2024, IAG divested its interests in Senegal for aggregate gross cash proceeds of $197.6 million. This included its 90% interest in the Boto Gold Project and 100% exploration interests within the country. \nWith the sale of the Karita Gold Project duly completed, the sale of the Diakha-Siribaya Gold Project and associated exploration assets in Mali will mark the conclusion of the deal.\nIAG’s Recent Update on the Westwood Mine\nIAMGOLD recently provided a Mineral Resource and Mineral Reserve (MRMR) estimate and updated life of mine (LOM) plan for its Westwood Complex located in Quebec, Canada. The life of the mine has been updated from 2025 to 2032, projecting overall average gold production at 925,000 ounces over the life of the mine, which was lower than market expectations. However, IAG expects average gold production at an accelerated pace in the first three years, averaging 146,000 ounces.\nThe MRMR statement shows underground mineral reserves at Westwood at 2.6 million tons (Mt), averaging 11.45 grams per ton of gold containing 955,400 ounces. This is lower than the previous estimate of 3.36 MT, averaging 10.62 grams per ton of gold containing 1,149,000 ounces. While total tonnage and contained gold have fallen 23% and 17%, respectively, the grade has slightly improved. \nPer the company, the updated reserves highlighted its redesigned approach to mining focusing on safety and efficiency, following the seismic activity in 2020.\nIAMGOLD Increases Stake in Côté Gold Mine to 70%\nIAMGOLD recently exercised the right to repurchase the 9.7% interest of the Côté Gold Mine from Sumitomo Metal Mining Co. Ltd. This takes IAG’s interest in the promising mine to 70%.  The total gold production from Côté Gold (at 100%) is expected to be in the range of 220,000-290,000 ounces as improvements to mill availability are made during the ramp-up of operations.In the first six years of operation, Côté Gold’s expected gold output will likely be 495,000 ounces. \nIAMGOLD is poised for growth, supported by an upward trend in gold prices, the ramp-up at Côté Gold and a solid portfolio of early-stage and advanced exploration projects in high-potential mining districts.\nIAG Stock’s Price Performance\nIAG’s shares have surged 96.2% in the past year compared with the industry's 10.6% growth.\n Image Source: Zacks Investment Research\nIAMGOLD’s Zacks Rank & Stocks to Consider\nIAMGOLD currently carries a Zacks Rank #3 (Hold).\nSome better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, New Gold NGD and Fortuna Mining Corp. FSM. CRS currently sports a Zacks Rank #1 (Strong Buy) and NGD and FSM carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.\nCarpenter Technology has an average trailing four-quarter earnings surprise of 14.1%. The Zacks Consensus Estimate for CRS’ fiscal 2025 earnings indicates 42% year-over-year growth. Its shares have gained 138% in the last year.\nNew Gold has an average trailing four-quarter earnings surprise of 37.50%. The Zacks Consensus Estimate for NGD’s 2024 earnings indicates 17% growth from the prior year. Its shares have gained 65% in the past year.\nThe Zacks Consensus Estimate for Fortuna Mining’s 2024 bottom line indicates year-over-year growth of 118%. The company has a trailing four-quarter earnings surprise of 53.6%, on average. FSM’s shares gained 10% in the last year.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nCarpenter Technology Corporation (CRS) : Free Stock Analysis Report\nIamgold Corporation (IAG) : Free Stock Analysis Report\nNew Gold Inc. (NGD) : Free Stock Analysis Report\nFortuna Mining Corp. (FSM) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2494036486"}