Zijin also assumed Iamgold’s equipment lease liabilities. Credit: Chris Wiedenhoff from Pixabay.

Canadian miner Iamgold has completed the divestment of its 95% stake in Rosebel Gold Mines N.V. to China’s Zijin Mining Group.

Zijin paid $360m in cash and assumed $41m of Iamgold’s equipment lease liabilities.

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The remaining 5% stake in Rosebel Gold Mines N.V. is held by the Suriname government.

Rosebel Gold Mines N.V. owns a 100% stake in the Rosebel Gold Mine and a 70% interest in the Saramacca Mine in Suriname.

Iamgold interim president and CEO Maryse Bélanger said: “With the completion of the sale of Rosebel, Iamgold has achieved an important milestone in the company’s strategy to create value for our stakeholders through disciplined portfolio management to fund the Côté Gold Project.

“Côté Gold today is over 70% complete and remains on track for production in early 2024. This transaction, in addition to the previously announced sale of Iamgold’s West African gold assets and the financing agreement with Sumitomo, ensures the current remaining funding requirements for completion of construction at Côté have been met.”

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Located in the Chester and Yeo Townships, District of Sudbury, northeastern Ontario, the Côté Gold Project covers a total area of 596km².

Last December, Iamgold announced the decision to amend its Côté Gold joint venture agreement with Sumitomo Metal Mining and SMM Gold Cote.

According to the agreement, Sumitomo will contribute funding to the Côté Gold Project.

Meanwhile, Iamgold will transfer a 10% stake in Côté to SMM as funding is made by SMM.