IAMGOLD signs memorandum of understanding with China Gold

IAMGOLD Corporation signed a memorandum of understanding on Monday with China National Gold Group Corporation to cooperate in the development of mineral deposits.

“This agreement marks the beginning of what we believe will be a win-win relationship with China Gold. The two companies have formally acknowledged each other’s exploration, development and mining expertise as well as each other’s commitment to responsible and efficient exploration and extraction practices that are consistent with the laws and objectives of their host governments. Our intention is to identify projects of mutual interest where we would have an equitable sharing of the risks and rewards inherent in the business of resource development and mineral extraction,” said Steve Letwin, President and CEO of IAMGOLD, in a statement.

IAMGOLD, which is planning future growth in Africa, South America and North America, says that all of China Gold’s future international gold and non-ferrous business opportunities will be channeled through China Gold’s overseas investment arm, China Gold International Resource Corp. Ltd.

The MOU states that business will be conducted in accordance with the practices and procedures required by IAMGOLD’s “Zero Harm Policy”, and IAMGOLD shall make available advisory services to China Gold to assist in the development of standards of corporate social responsibility, safety and environmental responsibility in China Gold’s Asian operations.

IAMGOLD (www.iamgold.com) is a mid-tier gold mining company that produces approximately one million ounces annually from eight gold mines on three continents. It also operates Niobec, a niobium mine in the Canadian province of Quebec.

Marketwire and Michael Allan McCrae wrote this story. You can contact Michael at [email protected] or @michaelmccrae.

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