Iamgold Sells Quebec Mine to Group Led by Former Barrick CEO

Iamgold Corp. agreed to sell a niobium mine and rare-earth deposit in Quebec for as much as $530 million to a group led by Magris Resources Inc., a company established by the former head of Barrick Gold Corp.

Iamgold will get $500 million in cash and $30 million when the rare-earth deposit goes into production, the Toronto-based company said today in a statement. Proceeds from the sale will allow Iamgold to invest in the expansion of its gold business or to reduce debt.