IAG - Iamgold to sell Rosebel gold mine to Zijin Mining in $360M deal

Iamgold ( NYSE: IAG ) +2.8% pre-market Tuesday after agreeing to sell its 95% stake in the Rosebel gold mine in Suriname to Zijin Mining for $360M and the release of its equipment lease liabilities totaling $41M.

The Chinese miner will acquire Iamgold's ( IAG ) 95% interest in Rosebel Gold Mines, which holds a 100% interest in the Rosebel mine and a 70% participating interest in the Saramacca mine, also in Suriname.

Iamgold ( IAG ) said the proceeds of the sale would be invested in the ongoing construction of the Côté Gold project in Canada, which is $1.9B over its original cost estimate of $879M-$925M; the company's share of the cost overrun is $1.3B.

Iamgold ( IAG ) reported a Q2 adjusted loss of $0.01/share on revenues of $333M .

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