Magris Resources announced its acquisition, with CEF Holdings Ltd. and Temasek, of IAMGOLD’s Niobec mine in Quebec for $500 million, with $30 million pending production of an adjacent rare earth deposit. Located in Saint-Honoré-de-Chicoutimi Saguenay region, the Niobec project is one of world’s top three niobium producers.

“Niobec has the characteristics for its core product, substantial operating margins and a long mine life in an attractive jurisdiction,” said Aaron Regent, CEO of the Toronto-headquartered Magris. “We are impressed with the quality of management.” The transaction is pending Q4 2014 closure; CEF and Temasek are Hong Kong and Singapore-based, respectively.