IAMGold agrees to sell its Boto Gold project to Managem for $282M

IAMGOLD announces that it has entered into definitive agreements with Managem to sell, for aggregate consideration of approximately $282M, the Company’s interests in its exploration and development projects in Senegal, Mali and Guinea. Under the terms of the agreements, IAMGOLD will receive total cash payments of approximately $282M as consideration for the shares and subsidiary/intercompany loans for the entities that hold the Company’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, 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 total consideration of $282M is subject to changes in intercompany loans associated with continued advancement of the projects between the date of the definitive agreement announcement and closing of respective asset sales. The transactions are subject to certain regulatory approvals including, as applicable, approval for the transfer of permits and licenses from the Governments of Senegal, Mali, and Guinea, as well as other customary closing conditions, including the consent of IAMGOLD’s syndicate of lenders. Closing of various components of the transactions are expected to occur upon satisfaction of the applicable regulatory conditions, and are expected to close over the course of the second quarter into early third quarter of 2023.