Transactions & Cases Detail



Transaction/Case Details

IAMGOLD sells Niobec Mine for USD$530 Million to a group of companies led by Magris Resources

DATE CLOSED

January 22, 2015

BUSINESS SECTOR

Financial Services

LEAD OFFICE

Vancouver

VALUE

530 Million USD


OVERVIEW

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.