Canadian mid-tier gold miner Iamgold Corp (IMG.TO) said on Friday its war chest for expansion has grown to more than $1 billion with the sale of stakes in two West African mines. Iamgold agreed to sell its 18.9 percent stake in the Tarkwa and Damang gold mines in Ghana to Gold Fields Limited (GFIJ.J), world's fourth-largest gold producer, giving it $667 million once the transaction is complete. That is in addition to a $350 million undrawn credit facility. "Upon completion of this transaction, we will have more than one billion dollars in cash, cash equivalents and gold bullion (at market)," Iamgold Chief Executive Steve Letwin said in announcing the deal. "This sale is the first of several strategic initiatives to create value for our shareholders," he said.
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