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Iamgold Corporation IAG has closed the sale of 30% of its interest in the Cote Gold Project in Ontario to a fully-owned subsidiary of Sumitomo Metal Mining Co., Ltd. for $195 million. The deal was announced on Jun 5.
Iamgold received $100 million in cash on deal closing with the balance $95 million is payable on the date of public filing of feasibility study with respect to the Cote Gold project or 18 months following the deal closure, whichever is earlier.
Iamgold and Sumitomo have also entered into a joint venture (JV) with respect to the project with Iamgold owning 70% of the total participating interests in the JV while Sumitomo having the remaining 30%.
Iamgold's shares have rallied 55.2% in the last six months, outperforming the Zacks categorized Mining-Gold industry's gain of 12.3%.
Iamgold remains focused on increasing reserves and preventing depletion of resources. The company's JVs in South and Central America, West Africa and Canada have undertaken exploration projects along with targeting soft rock resources near existing mines.
The company expects gold production in 2017 between 845,000 and 885,000 ounces. Also, total cash cost is expected between $740 and $780 per ounce. All-in sustaining cost is anticipated between $1,000 and $1,080 an ounce. Capital expenditure is expected to be around $250 million.
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Iamgold Corporation Price and Consensus
Zacks Rank & Other Stocks to Consider
Iamgold currently sports a Zacks Rank #1 (Strong Buy).
Other top-ranked stocks in the basic material space include BASF SE BASFY, The Chemours Company CC and Huntsman Corporation HUN. All the three stocks sport a Zacks Rank #1. You can see the complete list of today's Zacks #1 Rank stocks here.
BASF has expected long-term growth of 8.9%.
Chemours has expected long-term growth of 15.5%.
Huntsman has expected long-term growth of 7%.
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Huntsman Corporation (NYSE:
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Zacks Investment Research
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.