Iamgold Corp. signed a memorandum of understanding in March with China National Gold Group Corp. to formalize the two companies’ cooperative efforts to find and develop mineral deposits in the regions of Iamgold’s focus—principally, in Africa, South America and North America.

Steve Letwin, president and CEO of Iamgold, said, “This agreement marks the beginning of what we believe will be a win-win relationship with China Gold. The two companies have formally acknowledged each other’s exploration, development and mining expertise as well as each other’s commitment to responsible and efficient exploration and extraction practices that are consistent with the laws and objectives of their host governments. Our intention is to identify projects of mutual interest where we would have an equitable sharing of the risks and rewards inherent in the business of resource development and mineral extraction.”

All of China Gold’s future international gold and non-ferrous business opportunities will be channeled through China Gold’s overseas investment arm, China Gold International Resource Corp. Ltd.