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Iamgold Corp said on Friday it has agreed to sell its niobium mine in Quebec to a group of companies led by investment firm Magris Resources Inc for $500-million in cash, to focus on its core gold mining business.

The long-planned sale of the Niobec mine, located some 200-km north of Quebec City, includes an adjacent rare earth metals deposit.

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The Niobec mine, acquired by Iamgold in 2006 as part of its purchase of Cambior Inc, is one of the world’s three producers of niobium, a metal with superconductive properties. Niobium is used to make alloys for jet engines. It is also used in medical devices, mobile phones and to strengthen steel.

 

Read more: http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/iamgold-to-sell-niobec-mine-in-quebec-for-500-million/article20906794/

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