On June 20, 2017, Japan’s Sumitomo Metal Mining Co., Ltd. (“Sumitomo”) and Toronto-based IAMGOLD Corporation (“IAMGOLD”) announced completion of their agreement to form a joint venture, whereby Sumitomo will acquire a 30% undivided participating interest in IAMGOLD's ownership interest in the Côté Gold Project in Ontario for USD $195 million.
Sumitomo is Japan’s largest gold miner and a global leader in the development and mining of non-ferrous metals. Sumitomo sought the acquisition of the interest in the Côté Gold Project and establishment of the strategic partnership with IAMGOLD as a step towards the long-term goal of boosting its annual gold output to 30 tonnes. Together with IAMGOLD, Sumitomo will oversee activities of the Project, which is located in Canada’s Abitibi gold belt, one of most prolific gold-producing areas in the world.
DLA Piper (Canada) LLP was selected to act for Sumitomo over several major firms in North America with industry-leading expertise in mining law. The transaction team was led by David Reid, Global Co-Chair of DLA Piper's Mining Group, and included Ruby Chan, Don Collie, Robert Banno, Rebecca Hockin, Douglas Shields, Campbell Fitch, Kevin Wright, Catherine Pawluch, Lana Finney, Michael Richards, Dennis Yee, Marc Philibert, Tony McArthur, Susan Friedman, Jeff Horswill, Pablo Guzman, Melissa Gaul and Ben Bluman.
With far-reaching experience representing mining companies at all stages in relation to all aspects of projects in Canada and around the world, the DLA Piper Canada Mining Group provides integrated expertise on multi-faceted transactions to give our clients the competitive edge in the global commodities market.