Monument Mining Ltd. V.MMY

IAM Gold and the trouble with rosy news releases

[Wayned52]

• IAG

  +1.44%

 

Wed, May 4, 2022, 12:53 p.m.

 

 

In this article:

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• IAG

  +1.44%

   

 

 

 

TORONTO — Shares in Iamgold Corp. were down more than 25 per cent in afternoon trading after the company warned its Ct Gold project will cost more than expected.

The company says the remaining project costs for the mine being built in northern Ontario between Timmins and Sudbury could be between US$1.2 billion and US$1.3 billion.

It also withdrew its 2022 and 2023 Ct Gold project costs guidance and said it will provide a detailed update before the end of the second quarter.

 

RBC Capital Markets estimated the price tag to complete the mine is up about US$600 million from the company's earlier guidance and that it would be delayed by four to five months.

Iamgold holds a 64.75 per cent stake in the project, Sumitomo Metal Mining owns 27.75 per cent and 7.5 per cent is held by other investors.

Shares in the company were down 99 cents or about 27 per cent at C$2.63 in afternoon trading on the Toronto Stock Exchange.

This report by The Canadian Press was first published May 4, 2022.

Companies in this story: (TSX:IMG)

The Canadian Press

    In total IAM Gold shares dropped 40% over 3 days .  Obviously insiders were able to get out before the nr .
This is what happens when you pump out press releases and don`t deliver .  Now they aren`t going to give any updates on the Cote` mine , With inflation the numbers could end up worse .
    So yes MMY is not good with lots of NRs , but we have enough info and pictures to estimate that our project is on time and with a little luck , under budget .   There was some serious planning to get the pieces on site and not to overpay for them . We have been promised nothing so unlike IAM , MMY isn`t painted into a corner .
    I know I am probably the only one but I like the way Cathy gets things done and doesn`t bankrupt us . I truly belive that when Selinsing is up and running , then she will turn her attention on Murchison with similar results . We are not going deeper and deeper into debt .

[Wayned52]

For what ever reason on pasting to Stockhouse , you have to scroll quite a way to get to the story and my comment . Sorry .  Hope I don`t lose even more reputation points for that .

[nozzpack]

Thank you. Cathy is good CFO but inversely so when it comes to promoting our assets. Yet, good fundamentals eventually gets noticed by most astute investors . We are asset rich but market poor. Its my view that we need two revenue streams . Our cheapest and lowest cash costs is open pit Peranghi mining. It will kill two birds with the same  stone..a second revenue stream ....and the

[romara]

Good post Wayne ............Richard