June 6, 2017 / 2:19 AM / a year ago

Sumitomo Metal to buy stake in Cote Gold Project from IAMGOLD for $195 mln

TOKYO, June 6 (Reuters) - Japan’s Sumitomo Metal Mining Co said on Tuesday it had agreed to buy a 27.75 percent interest in the Cote Gold Project from Toronto-based IAMGOLD Corp for US$195 million.

The acquisition is set to be completed by the end of the first half of this fiscal year, in September, it said in a statement. IAMGOLD owns 92.5 percent of the gold development project, located in Ontario, Canada. (Reporting by Yuka Obayashi; Editing by Michael Perry)

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