RE: RE: More Iamgold manuvering Letwin did not indicate how the funds would be used todrive the Toronto-based company's growth but said that theminority stakes did not fit with Iamgold's strategy of beingthe operator of the mines it invests in.
The company said in a statement to announce the stake salethat it continued to assess acquisition opportunities that willadd value.
Iamgold, which expects to produce more than 1 millionounces of gold in 2011, has invested aggressively to expandexisting operations and to explore for new gold properties.
In January, the company forecast 2011 capital expendituresof $460 million, mainly for expansion of its Rosebel mine inSuriname, Essakane mine in Burkina Faso and the development ofits Westwood gold project in Canada.
"Our strong liquidity position gives us considerablefinancial flexibility to continue growing our business," Letwinsaid on Friday.
Iamgold's growth plans focus on West Africa, South Americaand regions of Canada.
The company's shares fell 3.55 percent in early trade inToronto on Friday to C$20.30 per share.(Editing by Steve Orlofsky)