Gold mining company Iamgold Corp has reached an agreement to sell its 18.9% interest in the Tarkwa and Damang gold mines in Ghana to Gold Fields Limited for $667m.

The transaction, which is expected to close no later than 31 July 2011, is subject to the approval of Gold Fields’ shareholders.

Iamgold president and CEO Steve Letwin said that the company’s strategy is to invest in mines that it owns and operates, as they represent the best return on investment for its shareholders.

In 2010, gold production attributable to Iamgold from the Tarkwa mine was 139,000 ounces and attributable production from the Damang mine was 43,000 ounces.