Sumitomo Metal Mining joint venture with IAMGOLD receives prestigious PDAC award
DLA Piper (Canada) LLP is pleased to announce that the joint venture between Japan’s Sumitomo Metal Mining Co., Ltd. (“Sumitomo”) and Toronto-based IAMGOLD Corporation (“IAMGOLD”) for the Côté Gold Project has received the Viola R. MacMillan Award from the Prospectors & Developers Association of Canada (“PDAC”).
The annual PDAC Awards celebrate top performers in the mineral exploration and mining industry. The Viola R. MacMillan Award in particular recognizes organizations demonstrating leadership in the financing and management of the exploration and development of mineral resources.
DLA Piper Canada acted for Sumitomo in the transaction which involved Sumitomo and IAMGOLD establishing a strategic joint venture concurrent with the acquisition by Sumitomo of a 30% participating interest in IAMGOLD's ownership of the Côté Gold Project in Ontario for USD $195 million in June 2017.
Japan’s largest gold miner and a global leader in the development and mining of non-ferrous metals, Sumitomo sought the acquisition of the interest in the Côté Gold Project and establishment of the strategic partnership with IAMGOLD as a step towards the long-term goal of boosting its annual gold output to 30 tonnes. Together with IAMGOLD, Sumitomo is overseeing activities of the Project, which is located in Canada’s Abitibi gold belt, one of most prolific gold-producing areas in the world.
“This strategic partnership on one of our country’s largest undeveloped gold projects represents a breakthrough achievement in a challenging financing environment, which will have positive economic implications for Ontario and Canada,” said David Reid, Global Co-Chair of DLA Piper’s Mining Group. “We congratulate our client Sumitomo on this award recognition and we are honoured to have had the opportunity to play a part in this success story.”
Winners of the 2018 PDAC Awards will be celebrated at a gala on March 6, 2018 in Toronto.
The DLA Piper Canada team was led by David Reid and included Ruby Chan, Don Collie, Robert Banno, Douglas Shields, Campbell Fitch, Kevin Wright, Catherine Pawluch, Lana Finney, Michael Richards, Dennis Yee, Marc Philibert, Tony McArthur, Susan Friedman, Jeff Horswill, Pablo Guzman, Melissa Gaul and Ben Bluman.
With far-reaching experience representing mining companies at all stages in relation to all aspects of projects in Canada and around the world, the DLA Piper Canada Mining Group provides integrated expertise on multi-faceted transactions to give our clients the competitive edge in the global commodities market.