Iamgold on aquisition trail.....
Lets hope Iamgold has CHU in its sights as soon as the maiden resource is announced.
Steve Letwin, chief executive officer of midtier gold miner Iamgold Corp.(12.58-0.08-0.63%), practically rubs his hands in glee as he talks about plans to propel the company into the major leagues in as little as five years.
With his Toronto-based company sitting on $1.4-billion in cash and with zero debt on the balance sheets, Mr. Letwin lays out a plan to nearly double production by 2017 from the current 850,000 ounces, with most of that to come from acquisitions, including one in coming months that will likely be worth between $400-million and $500-million.
“And if we’re going to buy, we’re going to buy now. These equities are ridiculously cheap, some of them.”