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NEW YORK (AP) - Iamgold Corp., a Canadian gold mining company, said Thursday it will sell a Peruvian copper and gold project for $47.6 million and an interest in Rio Alto Mining Ltd.
| IAG | 6.24 |  -0.04 |
The Toronto-based company's La Arena project is being sold to Rio Alto Mining Ltd. for $47.6 million in cash and a 5.5 percent stake in Rio Alto.
La Arena is a copper and gold porphyry deposit in northern Peru's Huamachuco district. A pre-feasibility study completed in November 2006 indicated that the project contains measured and indicated resources of 1.1 billion pounds of copper and 2 million ounces of gold.
Shares of Iamgold rose 25 cents, or 4.3 percent, to $6.10 in afternoon trading.
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