TORONTO - IAMGOLD, which recently swallowed the larger CAMBIOR, has announced that is will sell the bauxite assets that came with the Cambior portfolio. Bosai Minerals Group of China has agreed to pay US$46 million for Omai Bauxite Mining and Omai Services. The price of the deal includes Bosai's assumption of US$18-million third-party debt.
The agreement is contingent on a number of conditions and is expected to close by Dec. 31, 2006.
The Omai bauxite mine in Guyana is owned 70% by IamGold. At the end of 2005, it had proven reserves of 6.4 million tonnes grading 59.8% Al2O3 and 6.0% SiO2. It has a production rate of 300,000 t/y.
The Bosai Minerals website is at en.cqBosai.com.