Gold Fields already owned 71.1% of the mines, with the Government of Ghana holding the remaining 10%.
IAMGOLD has revised its 2011 gold production guidance to between 950,000 and 1.05 million to reflect the inclusion of only first quarter 2011 attributable gold production (46,000 ounces) from the Tarkwa and Damang mines.
IAMGOLD president and CEO Steve Letwin said this transaction is aligned with the company’s strategy to focus on developing and operating mines that it owns and operates.
"Although we have not yet allocated the proceeds of this transaction to a specific purpose, we are focused on initiatives that will generate long-term returns to our shareholders, including expansion plans at our existing mines, completion of the Westwood project, exploration and accretive bite-sized transactions," Letwin said.
