Mali Concludes Gold Mine Nationalisation Deal [Barron's]
Iamgold Corporation Ordinary Shares (IAG)
Last iamgold corporation ordinary shares earnings: 2/19 05:25 pm
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Source: Barrons
The nationalisation of the Yatela mine in the western Kayes region puts an end to lengthy negotiations that began before the ruling junta seized power in a 2020 coup. The Malian government led by Colonel Assimi Goita on Wednesday passed a decree approving the state's purchase of shares in the mining company held by South African company AngloGold Ashanti and Canada's Iamgold. Each firm previously held a 40-percent stake, while the Malian state owned the remaining 20 percent, the Council of Ministers wrote in a statement. Operations at the mine, which had been producing since 2001, ceased in 2016 after a sudden plunge in the price of gold. Besides plummeting gold prices at the time, AngloGold cited smaller profit margins and miner safety issues when it announced the mine's closure. Yet the government said its "reserves are not completely exhausted". Iamgold and AngloGold will give up the mine for a "symbolic franc", economy minister Alousseni Sanou said when signing the de
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