IAMGOLD Corporation (TSX: IMG) today announced that it has entered into a forward gold sale arrangement with financial institutions whereby the Company will receive a prepayment amount of $170 million in exchange for delivering 150,000 ounces in 2022, with a gold floor price of $1,300 per ounce and a cap price of $1,500 per ounce. This Prepaid Gold Arrangement is supported by a syndicate of banks including Citibank N.A. and National Bank of Canada. Terms of the Prepay are provided below:
“Entering into the gold prepay provides additional liquidity to IAMGOLD at attractive terms to support the execution of the Company’s growth strategy, while also mitigating any downside price risk below $1,300 an ounce on 150,000 ounces of production,” said Carol Banducci, EVP and Chief Financial Officer.
About IAMGOLD
IAMGOLD is a mid-tier mining company with four operating gold mines on three continents. A solid base of strategic assets in North and South America and West Africa is complemented by development and exploration projects and continued assessment of accretive acquisition opportunities. IAMGOLD is in a strong financial position with extensive management and operational expertise.
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