IAMGOLD sells Niobec Mine for USD$530 Million to a group of companies led by Magris Resources
January 22, 2015
530.00 Million USD
On January 22, 2015, IAMGOLD Corporation (IAMGOLD) completed the sale of its Niobec Mine (Niobec) for US$500 million in cash at closing and a US$30 million contingent payment which will be payable upon commercial production of an adjacent rare earth element deposit. Niobec, located in Saint-Honoré-de-Chicoutimi in the Saguenay region, Quebec, is one of world's three primary niobium producers.
The purchaser was a consortium comprised of Magris Resources Inc., CEF Holdings Limited, a Hong Kong-based investment company owned 50% by Cheung Kong (Holdings) Limited and 50% by the Canadian Imperial Bank of Commerce, and Temasek, a Singapore-based investment company.
Iamgold Corporation is a Toronto based international gold producer. The company is engaged in the exploration, development, and production of mineral resource properties throughout the world.
McCarthy Tétrault LLP advised CEF Holdings with a team consisting of Cameron Belsher, Matthew Cumming, Pavan Jawanda, Leslie Milroy, TJ Kang, and Oliver Borgers.