IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) announces that it has entered into binding agreements with Managem (CAS: MNG) to sell the Company’s interests in its exploration and development assets in Senegal, Mali, and Guinea for a total value of around $282 million.

According to the agreements, IAMGOLD will receive a total cash payment of about $282 million as compensation for the shares and subsidiary/intercompany loans for the companies that hold the company’s 90% interest in the Boto Gold Project in Senegal and 100% interest in each of the following projects: the Diakha-Siribaya Gold Project in Mali, the Karita Gold Project and associated exploration properties in Guinea, and the early stage exploration properties of Boto West, Senala West, and Da.

The government of Senegal will continue to own the remaining 10% of Boto. The $282 million total price is subject to variations in intercompany loans related to ongoing project development between the date of the definitive agreement announcement and the completion of the corresponding asset transactions. A $30 million deferred payment is included in the total price and will be made at the earliest of: six months after the Boto Gold Project and related assets in Senegal close; or at a period mutually agreed upon by the parties.

Chair of the Board of IAMGOLD and Interim President and CEO, Maryse Bélanger stated that a thorough strategic assessment and selling procedure culminated in the sale of their Bambouk assets to Managem. They are happy that Managem, which has years of mining development and operational expertise in Africa, will take ownership of the Bambouk assets and advance them responsibly for the benefit of all stakeholders. Together, IAMGOLD and Managem will cooperate to ensure a seamless transfer of ownership.

With the finance deal with Sumitomo announced last night and the profits from the sales, the Côté Gold Project is on pace to begin production in early 2024 and has roughly 70% of the funds needed to finish construction.