1255 ET - Franco-Nevada's plan to acquire a royalty package on the Cote Gold Mine in Ontario for $1.05 billion in cash, is a big vote of confidence in IAMGOLD's majority-owned JV there, Steven Green of TD Cowen says. IAMGOLD, which owns 70% of the JV and Sumitomo Metal Mining, which owns the other 30%, won't feel an immediate economic impact from the deal according to Green, but he says "the attractive price highlights the upside at Cote," and the adjacent Gosselin gold deposit. The deal also adds additional third-party due diligence, and the 50% buyback option provides value to an any acquirer, Green says. "There is clear upside with 16.2 million ounces of measured and indicated resources plus 4.2 million of inferred resources," he says, on top of promising drilling results. (adriano.marchese@wsj.com)
(END) Dow Jones Newswires
May 27, 2025 12:56 ET (16:56 GMT)
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