Iamgold, China Gold sign cooperation agreement for development


Iamgold, China Gold sign cooperation agreement for development 
Canadian gold major Iamgold has signed a joint exploration agreement with China National Gold Group to develop deposits in regions targeted by Iamgold, the company said Tuesday.
Iamgold's growth plans are focused in Africa, South America and North America.
"This agreement marks the beginning of what we believe will be a win-win relationship with China Gold," Iamgold President and CEO Steve Letwin said in a statement.
"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," Letwin said.
Iamgold, a mid-tier gold major based in Toronto, produces nearly 1 million oz/year from eight gold mines on three continents. China Gold, a state-owned company headquartered in Beijing, accounts for 20% of total Chinese gold production and controls more than 30% of total gold reserves in China.
China is the world's largest gold-producing nation, while India is the world's largest gold consumer.
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