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Friday, October 3, 2014

Gold miner Iamgold to sell Quebec niobium mine for $500 mln, (NYSE: ABX), (TSE: ABX.TO), (NYSE: IAG)

Iamgold Corp said on Friday it will sell its niobium mine in Quebec to a group of companies led by private-equity investment firm Magris Resources for $500 million in cash so that it can focus on its core gold mining business.Toronto-based Magris Resources, led by former Barrick Gold Corp chief executive Aaron Regent, is one of a handful of private-equity-backed firms that have been scouting for deals in the mining sector recently. The acquisition signals there is still active interest in finding bargains in the industry, which has been battered by a slide in metal prices.The Niobec mine is one of the world's few producers of niobium, a metal with superconductive properties. It is used to make alloys for jet engines, and also used in medical devices, mobile phones and to strengthen steel."We like the fundamentals in the niobium market," Regent told Reuters. "It's a consolidated market with stable pricing and good growth due to the demand for high strength steel."

Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX fell by 3.27% or $-0.48/share to $14.22. In the past year, the shares have traded as low as $14.48 and as high as $21.45. On average, 9365450 shares of ABX exchange hands on a given day and today's volume is recorded at 10818592.

Barrick Gold Corporation (Barrick) is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development. Shares of ABX fell by 2.62% or $-0.43/share to $16.00. In the past year, the shares have traded as low as $16.15 and as high as $23.78. On average, 2079450 shares of ABX.TO exchange hands on a given day and today's volume is recorded at 1613931.

IAMGOLD Corporation (IAMGOLD) is a mining company. Shares of IAG fell by 3.85% or $-0.105/share to $2.62. 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 8647866.



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