New multi million gold mine to be established

IAMGOLD Corporation and Cambior Inc have announced that they have entered into a US$ 3 billion transaction to create a new million ounces gold producer which will continue under the name IAMGOLD Corporation. The new IAMGOLD will be the tenth largest publicly-traded primary gold producer in the world with 1.1 million ounces of gold production annually; reserves totalling 9.7 million ounces and total measured and indicated resources of close to 21 million ounces and inferred resources of 8 million ounces; solid balance sheet with a cash and bullion balance in excess of US$210 million and limited debt as well as market capitalization of US$3 billion, the report from Botswana Stock Exchange has said. The new IAMGOLD Company will be unique amongst intermediate gold producers in holding a substantial platform in both South America and West Africa, which are two of the highest growth regions in gold mining. (African News Dimension, South Africa)