Iamgold said it agreed to sell its 18.9 percent interest in the Tarkwa and Damang gold mines in Ghana to Gold Fields Ltd , the world's fourth largest gold producer, for $667 million in cash. "We cannot fully leverage our skills and experience in developing and operating mines if we are not the operator and have a minority interest in the mine," Iamgold's Chief Executive Steve Letwin said in a statement. Gold Fields -- the No.2 producer in Africa with operations also in South America and Australia -- owns the majority stake in both the mines in West Africa. It said the deal will lower production costs. On completion of the deal, Gold Fields will have raised its interest in each of the Tarkwa and Damang gold mines to 90 percent from 71.1 percent. The remaining 10 percent is held by the Government of Ghana.
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