Mupane Gold Mine sold for P229m

An IAMGOLD statement released yesterday indicates that the 13-year old mine has changed hands between the Canadian companies, following agreement of sale terms that include cash and share considerations.

Under the sale agreement, IAMGOLD has already received US$12.5 million in cash (P83.8 million), another US$17.9 million (P120 million) in common shares in Galane and a promissory note for US$3.8 million (P25.5 million) payable over three years at six percent interest.