Canadian Mining Company Acquires Rival

Canadian Mining Company Acquires Rival

Iamgold, a Canadian mining company, said that it would buy Cambior, a rival, for about 1.33 billion Canadian dollars ($1.2 billion) in stock, to create a gold mining operation with more than one million ounces of annual production. The deal will push Iamgold to the top of the midtier gold producers and comes six months after the miner bought Gallery Gold of Australia. “We believe it sets the stage for us to join the senior ranks as we move forward in this company,†Iamgold’s chief executive, Joe Conway, left, said.

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