DESCRIPTION: IAMGOLD is a leading mid-tier gold mining company producing almost one million ounces annually from 8 mines on three continents. The company is focused on growth with a target to reach 1.8 million ounces gold production by 2012. IAMGOLD is uniquely positioned with a strong financial base, together with the management and operations expertise to execute our aggressive growth objectives. It is focused in West Africa, the Guiana Shield of South America and Québec where it has a pipeline of development and exploration projects, while it continues to assess accretive acquisition opportunities with a strategic fit.
Watch Iamgold featured on Mining Weekly (5/20/10).
The information provided below is based on the most recent information we have received from analysts, newsletters and other contributors to Streetwise Reports' The Gold Report or The Energy Report. We encourage you to visit the company's web site and call the company for more specifics on this company before you decide to invest.
"IAMTOOCONSERVATIVE? IAMGOLD held its investor day last week in Toronto. Canaccord Genuity Precious Metals Analyst Steven Butler was left with a positive impression overall of the company's portfolio of mines, development projects and exploration initiatives. Butler says Essakane is on track, and that he may prove too conservative in his assumed mid-August commercial startup. The reserve/resource upside at flagship mines Essakane and Rosebel appears excellent, given aggressive in-fill and extension drill programs underway this year. For IAMGOLD, 2010 may prove to be 'the year of the drill bit,' marked by the largest-ever budget in company history with a particular focus in Africa. A total 300,000 meters of drilling is planned in both greenfield ($35 million) and resource-development ($43 million) programs. Butler may, ultimately, prove to be too conservative in his reserve addition assumptions at Rosebel and, in particular, at Essakane. Butler says to keep an eye on a new target at Rosebel called Charmagne and to monitor progress on promising JV programs in Mali, Siribaya and Kalana."
Canaccord Capital, Morning Coffee
(06/23/10)
"IAMONTRACK. . .At its investor day, IAMGOLD revealed that its Essakane mill has begun commissioning. Canaccord Genuity Precious Metals Analyst Steven Butler comments that with the mill progress on track, he may have been too conservative in his assumed mid-August commercial startup. He further notes that, overall, he left the investor day with a positive impression of the company's portfolio of mines, development projects and exploration initiatives. He believes the reserve/resource upside at flagship mines Essakane and Rosebel appears excellent given aggressive in-fill and extension drill programs underway this year. Butler also comments that 2010 may prove to be 'the year of the drill bit' with the largest ever budget in company history with a particular focus in Africa. A total 300,000 m of drilling is planned in both greenfield ($35 million) and resource development ($43 million) programs.
Consequently, he may also prove too conservative in his reserve addition assumptions at Rosebel (765,000 oz added for $0.45/share contribution to his 5%/$1,300 peak gold NAV estimate) and in particular at Essakane (+200,000 oz added for only $0.13/share contribution to our 5%/$1,300 peak gold NAV estimate). Of interest, he plans to keep an eye on a new target at Rosebel called Charmagne and monitor progress on two promising JV programs in Mali, Siribaya and Kalana. Overall, Butler made no changes to his 2010 earnings estimate but notes that the biggest potential for a bump to his 2010 earnings estimate would be to advance commercial start-up for Essakane (30 days earlier than our assumed mid-Aug startup would improve our 2010 EPS by $0.07). He continues to be bullish on IAMGOLD shares based on their relative valuation and superior leverage to higher gold prices."
The Gold Report Interview with Charles Oliver (06/04/10)
"IAMGOLD is another one of our big shareholdings at Sprott. A year and a half ago you could have bought it for $6; now, it's in the high teens. It's been a great performer for us; it has a strong balance sheet. IAMGOLD has deployed some of that money because it has been building its newest mine, Essakane, in Burkina Faso, West Africa, which will be commencing production this June. Having said that, IAMGOLD still has roughly $200 million in cash and cash equivalents in bullion so they're very healthy, and we're looking forward to production from their newest mine."
View Entire Article: Charles Oliver: Gold Headed to $2,000 in Two Years
The Gold Report Interview with Doug Groh (05/24/10)
"IAMGOLD has a great balance sheet. It has a number of different operations around the world. You have some really nice diversification there. It is building some mines, which will add to its production profile, so you're getting some growth too.
The Essakane project in Burkina Faso should be coming onstream in the next year or so. Commercial production at the Westwood project in Quebec is expected in 2013. In South America, they have developing projects in Guiana and in Ecuador, which will add to their profile in time."
"By throwing out the clunkers first, I can now bring you the glory of my last two picks during September 2009. Well, maybe some wouldn't exactly define these trades as glorious but nonetheless it would have been very difficult to lose money if you heeded my advice. If traders will recall, I felt IAMGOLD was extended at the time of our first look and insisted they wait for a pullback. The pullback did indeed come, and IAMGOLD could have been bought at several points over the next few months. My conviction on IAMGOLD is perhaps stronger now than it was seven months ago, as it has now tested support at the 50 M, as well as at that $12. level. After hitting all-time highs in December 2009 at $21.00, traders drove prices down quite rapidly for a few days. Pull up a daily chart, and traders can see that IAMGOLD has now taken out an intermediate pivot point around $16. Watch any pullback as an opportunity for an anticipatory buy as long as support levels aren't taken out, and IAMGOLD doesn't put in a new intermediate swing low (which would be below $14.54)."
Watch Iamgold featured on Mining Weekly (5/20/10).
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