Dec. 20, 2006 (China Knowledge) – Bosai Minerals Group Co. will buy over some bauxite assets from Canadian gold producer Iamgold Corp. for US$28 million.
According to the announcement by Toronto-based Iamgold, Bosai Minerals will pay the US$28 million in cash after it completes a confirmatory review of the aluminum ore assets.
Chongqing-based Bosai Minerals has also agreed to assume US$18 million in third-party debt for stakes in Omai Bauxite Mining Inc. and Omai Services Inc.
Yuan Zhilun, Managing Director of Bosai Minerals expressed that "The Guyana Bauxite deposit is well known to the industrial minerals industry as a first-class material and Bosai Minerals is pleased to carry on the tradition."
BMO Capital Markets acted as financial advisor to Iamgold.
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