IAMGOLD Corporation announced the closing of the sale of its indirect 35% interest in the Bambadji Joint Venture and its attributable interest in the Bambadji Sud exploration permit in Senegal to Fortuna Mining Corp. The transaction generated approximately $70 million in cash proceeds to IAMGOLD, before taxes and transaction costs. Total consideration payable by Fortuna to joint venture partners Barrick Mining Corporation (65%) and IAMGOLD consists of $200 million in cash payable on closing and a 0.5% net smelter return royalty capped on the first 1.75 million ounces of gold produced from the Bambadji permit. IAMGOLD retains its proportionate share of the NSR royalty. The divestiture monetizes a non-core exploration asset and supports IAMGOLD's continued focus on its existing operating and development portfolio. IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa.
