In a press release dated April 26, 2023, IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) announces the completion of the sale of its 90% interest in the Boto project (“Boto”) in Senegal and its 100% interest in the Boto Ouest, Senala Ouest and Daorala grassroots exploration properties and the interest acquired in the conditional participation agreement in Senala, also in Senegal (together with Boto, referred to as the “Senegal Assets”) in consideration for total gross cash proceeds of approximately $197.6 million (pre-tax). Gross proceeds include deferred payments receivable of approximately $32 million expected in the third quarter of 2023. The Government of Senegal retains ownership of the remaining 10% interest in Boto.
The sale of the assets in Senegal, according to the group, is part of previously announced transactions with Managem (CAS: MNG), a large Moroccan company, under which IAMGOLD will receive approximately $282 million (pre-tax) in consideration for shares and subsidiary/intragroup loans for entities with an interest of the Company in the assets in Senegal, the Diakha-Siribaya project in Mali, the Karita and Related Exploration Properties in Guinea”.
Completion of the remaining transactions is expected late in the second quarter or early in the third quarter of 2023, the company said. It is thus reducing its presence in West Africa. by keeping the Essakane mine in Burkina Faso
