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Friday, October 3, 2014

Gold miner Iamgold to sell Niobec rare earths mine for $500 mln, (NYSE: IAG)

Iamgold Corp said it would sell its Niobec rare earths mine in Quebec to a group of companies led by investment company Magris Resources Inc for $500 million in cash, to focus on its core gold mining business.The long-planned sale of Niobec, located in the Saguenay-Lac-Saint-Jean region in Quebec, includes an adjacent rare earths deposit.Iamgold, which has assets in Canada, South America and Africa, will get an additional $30 million when commercial production begins at the adjacent deposit, the Canadian company said in a statement.The Niobec mine, bought by Iamgold in 2006, is one of the world's three producers of niobium, a rare metal with superconductive properties. Niobium is used to make alloys for jet engines and to strengthen steel.

IAMGOLD Corporation (IAMGOLD) is a mining company. Shares of IAG fell by 0.73% or $-0.02/share to $2.73. In the past year, the shares have traded as low as $2.63 and as high as $5.59. On average, 6513050 shares of IAG exchange hands on a given day and today's volume is recorded at 7962902.