Adding Iamgold’s Cote Gold Project to Model After Prefeasibility Study and Partner Announcement
On June 6, Iamgold announced the completion of the prefeasibility study of Cote Gold. More importantly, the company also announced the successful sale of 30% ownership of the development project to Sumitomo Metal Mining for $195 million. The identification of a partner to jointly fund the initial capital costs of the mine gives us confidence that the mine will now open. Previously, we had excluded Iamgold’s Cote Gold project from either our explicit forecast or exit multiple. It had been roughly...IAMGold is engaged in the exploration for, development and operation of gold mining properties, and the operation of a niobium mine.
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