International African Mining goes public to explore in Mali

Privately owned International African Mining Gold (IAMGOLD) has applied for public listing on the Toronto Stock Exchange.

Proceeds from an initial public offering will be used to explore gold properties in West Africa.

IAMGOLD’s principal asset is a 38% interest in Sadiola Hill gold project in western Mali. Proven and probable reserves stand at 4.5 million oz.

IAMGOLD’s partners at Sadiola Hill include Anglo American, with a 38% stake, and the government of Mali, with 18%. Together, they are developing a gold mine which, when up and running in 1997, is expected to produce 386,000 oz. annually.

Meanwhile, IAMGOLD is exploring adjacent targets through an equal partnership with Anglo American.