IAMGOLD Corp (USA) (NYSE:IAG) announced that the company has started a process to reduce by 10% the number of employees at its Rosebel Gold Mines (“Rosebel”) in Suriname. Over the past two years IAMGOLD has reduced overall costs by approximately $175 million and improved productivity at its mines, resulting in a drop of the Company’s all-in sustaining costs (“AISC”) at its gold mines by $120 per ounce since Q2 2013. The current gold price environment requires Rosebel to initiate further action and adjust the size of its employee base accordingly.
President and CEO of IAMGOLD, Steve Letwin, commented, “We are taking further steps to reduce costs and capital expenditures to continue to strengthen our financial position during a period of weak and uncertain market conditions. While we have strived to avoid impacting jobs at the operations, this is a necessary step for the long-term viability of the Rosebel mine for the mutual benefit of Suriname, the employees and our investors. On behalf of IAMGOLD and the Board of Directors, I express appreciation to all of our employees at Rosebel for their hard work and commitment in these challenging times.” (Original Source)
Shares of IAMGOLD Corp closed yesterday at $1.96. IAG has a 1-year high of $3.39 and a 1-year low of $1.15. The stock’s 50-day moving average is $1.65 and its 200-day moving average is $1.90.
On the ratings front, IAMGOLD has been the subject of a number of recent research reports. In a report issued on August 6, Canaccord Genuity analyst Tony Lesiak upgraded IAG to Hold. Separately, on July 9, Roth Capital’s Joseph Reagor maintained a Buy rating on the stock and has a price target of $3.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Tony Lesiak and Joseph Reagor have a total average return of -13.4% and -17.0% respectively. Lesiak has a success rate of 38.5% and is ranked #3590 out of 3772 analysts, while Reagor has a success rate of 27.8% and is ranked #3757.
Iamgold Corp is a gold mining company. The Company explores, develops and operates gold mining properties. It also operates the niobium mine.