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 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%.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>
BASF SE (BASFY): Free Stock Analysis Report
Huntsman Corporation HUN: Free Stock Analysis Report
Chemours Company (The) (CC): Free Stock Analysis Report
Iamgold Corporation IAG: Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.