Chinalco could invest $426 million in Suriname bauxite project
If approved by parliament, Chinalco could begin construction by the middle of next year.
Toronto-based miner Iamgold Corp. (TSX: IMG, NYSE: IAG) signed a deal Thursday with the Suriname government to expand its Rosebel gold mine and extend their partnership to develop it until 2042,
Rosebel is one of the miner’s biggest operations, it produced 382,000 ounces of gold in 2012 and 385,000 ounces in 2011.
The company said it was confident in the operation, despite falling prices and rising costs.
Suriname, in the northeast of South America, produces gold and bauxite.
The value of the deal was not announced, although previously Iamgold had put forward a seven-year deal that would have cost about $185 million.
Iamgold owns 95% and the government owns 5% of the Rosebel mine.
Suriname is discussing a draft law for a mineral agreement with U.S.-based Newmont Mining Corp. (NYSE: NEW) to develop the Merian gold project in the country.
Image courtesy Iamgold
Comments
Mehrour Badloe
The government in Suriname is unexperienced and corrupted. In 100 year of bauxite and aluminum industry we never produced one single final product from aluminum which is a big shame to both politics and enterpren
It is a pitty that countries in third world runned by corrupted leaders are selling the
wealth of GOD GIVEN to all countries in the world at SALE PRICES.!!!!
The same happened in the African countries the most, but today also inSURINAME.
GUYANA IS FAR MORE BETTER THEN SURINAME! IS the government of GUYANA MORE EXPERIENCED THAN SURINAME OR ARE THEY SIMPLY LESS OR NOT CORRUPTED LIKE THE SURINAME GOVERNMENT.
THE SAME IS HAPPENING WITH THE NEWMONT DEAL .HOW IS IT POSSIBLE
THE INVESTMENT 25% IS USD 300 MILLION , TOTAL IS 1.2 BILLION USDOLLARS.
NEVER A GOLD OPERATION HAS COST THAT AMOUNT OF MONEY IN ROSEBEL OR
OMAI MINE GUYANA.