Iamgold Corp., a Toronto-based gold mining company, said Friday it paid $3.42 million for a minority stake in Colombia Crest Gold Corp.

The deal, which gives Iamgold a 14 percent interest in Colombia Crest Gold, includes warrants, which if exercised, would give Iamgold a 19.7 percent stake in Colombia Crest Gold.

The investment reflects growing interest in Colombia's Middle Cauca gold belt.