Company Update (NYSE:IAG): IAMGOLD Corp (USA) Provides Update on Life-of-Mine Plans
IAMGOLD Corp (USA) (NYSE:IAG) provided an update on its life-of-mine (“LOM”) plans for its wholly-owned mines: Rosebel, Essakane and Westwood, which has the potential to be our highest grade, lowest cost and longest life mine.
“We have significantly improved our outlook for our owner-operated mines,” said Steve Letwin, President and CEO of IAMGOLD. “Our mining teams have worked hard to reduce costs, optimize their operations and improve productivity. Their efforts are mitigating the impact of lower gold prices and the transition to harder rock at our open pit mines. Using conservative assumptions, we believe these plans will enable the company to meet its financial obligations and be well positioned to take advantage of higher gold prices. (Original Source)
Shares of IAMGOLD closed last Friday at $1.35. 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 $1.49 and its 200-day moving average is $1.62.
On the ratings front, IAMGOLD has been the subject of a number of recent research reports. In a report issued on November 25, Morgan Stanley analyst Brad Humphrey initiated coverage with a Sell rating on IAG and a price target of $1.35, which represents a slight downside potential from current levels. Separately, on November 24, HSBC’s Botir Sharipov upgraded the stock to Hold and has a price target of $1.60.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brad Humphrey and Botir Sharipov have a total average return of -10.9% and 17.4% respectively. Humphrey has a success rate of 43.8% and is ranked #3031 out of 3582 analysts, while Sharipov has a success rate of 80.0% and is ranked #937.
Iamgold Corp is a gold mining company. The Company explores, develops and operates gold mining properties. It also operates the niobium mine.