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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.


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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