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.
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