Officials at IAMGOLD Corp. have announced the sale of their Niobec mine to a consortium led by Magris Resources Inc. The underground niobium-producer, more than 130 miles north of Quebec City, was sold for $500 million.

Following the cash sale, “IAMGOLD is left in a strong position to invest further in opportunities that will contribute to positive cash flow,” Toronto-based representatives said in a statement.

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