Gold miner Iamgold to sell Niobec rare earths mine for $500 mln

Fri Oct 3, 2014 6:29am EDT
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Oct 3 (Reuters) - Iamgold Corp said it would sell its Niobec rare earths mine in Quebec to a group of companies led by Magris Resources Inc for $500 million in cash, to focus on its core gold mining business.

The sale of Niobec, located in the Saguenay-Lac-Saint-Jean region in Quebec, includes an adjacent rare earths deposit.

Iamgold will get an additional $30 million when commercial production begins at the adjacent deposit. (Reporting by Ashutosh Pandey in Bangalore; Editing by Kirti Pandey)