Mine builder and operator IAMGOLD  (IAG)  plans to grow its production pipeline through a $195 million deal with Tokyo-based mining company Sumitomo Metal Mining Co.

When the deal closes this month, Sumitomo will gain 30% interest in IAMGOLD's Cote Gold Project mine in Ontario, Canada, and the mine will move from the planning phase into the development phase.

Once in operation, the Cote Gold mine will be one of six gold mines IAMGOLD operates across three continents.

IAMGOLD stock traded up over 8% in early afternoon on heavy trading volume to $4.90 per share.

Stocks have rebounded following a sharp sell off last week. Jim Cramer believes the rebound is real and gives investors advice on how to play the market going forward.

More from Stocks

The Best Investment Advice? Stay Diversified

The Best Investment Advice? Stay Diversified

Attention 60 Minutes: Google Isn't the Only Big-Tech Monopoly

Attention 60 Minutes: Google Isn't the Only Big-Tech Monopoly

Listen: Should You Buy Cisco Now?

Listen: Should You Buy Cisco Now?

Amazon Could Devastate Walgreens and Rite Aid by Getting Into Pharmacy Business

Amazon Could Devastate Walgreens and Rite Aid by Getting Into Pharmacy Business

Amazon's Assault on Grocery Stores Will Have a Profound Impact on Many

Amazon's Assault on Grocery Stores Will Have a Profound Impact on Many