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IAMGOLD secures US$170M prepayment deal

IAMGOLD Corp. agreed to forward-sell 150,000 ounces of gold, to be delivered during 2022, in exchange for prepayment funding of US$170 million from financial institutions.

The company said Jan. 15 that it will get the funds in December, and the arrangement will cost 5.38% per annum between payment and delivery.

The forward sale has a gold floor price of US$1,300 per ounce and a cap price of US$1,500 per ounce, and delivery can be made from any of the company's operating mines.

The prepaid gold arrangement is supported by a syndicate of banks including Citibank NA and National Bank of Canada.