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IAMGOLD Corp T.IMG

Alternate Symbol(s):  IAG

IAMGOLD Corporation is a Canada-based intermediate gold producer and developer. Its principal activities are the exploration, development, and operation of gold mining properties in North America and West Africa. Its projects include Essakane, Westwood and Cote Gold. The Essakane project is in north-eastern Burkina Faso, West Africa. It straddles the boundary of the Oudalan and Seno provinces in the Sahel region of Burkina Faso and is approximately 330 kilometers (km) northeast of the capital, Ouagadougou. The Westwood Project is located on the Doyon property, 2.5 km east of the former Doyon Gold Mine in Bousquet Township. The Cote Gold Project is in the Chester and Yeo Townships, District of Sudbury, in northeastern Ontario. It owns a 100% interest in the Nelligan Gold Project, located 60Km southwest of Chibougamau. It holds claims of Nelligan, as well as other earlier stage exploration properties in Northern Quebec. It also owns Rich Lake and Lac a l’Eau Jaune (gold) properties.


TSX:IMG - Post by User

Bullboard Posts
Post by iwasgoldon Apr 16, 2013 7:09pm
231 Views
Post# 21260952

Fortune

Fortune

IAMgold reminds me of the old joke - How do you make a small fortune in gold mining?  Answer - start with a large one.

Sad to say, this applies to all the shareholders. 

I wish someone could explain to me why shares were not used to buy Trelawney. They saw Letwin coming, and that is inexcusable. He has to be fired for incompetence. It is clear that he expected gold to be above $1700 and closer to $2500 by now,  and events have shown that he could not have been more wrong. For gambling with shareholders' money he needs to go. There is no place as CEO for a man who takes unnecessary risks. Maybe there is light on the horizon - by the time Trelawney is permitted maybe gold will recover, oil will be cheaper, and unemployment higher. If so, IMG might be up from here. Here's a thought Steven - next time if you think prices are good try hedging some of your production?  That would have saved you.  In the meantime things look bleak. Hard to believe that in the past two years three-quarters of the market value of this company has vanished, or $6 billion paper dollars, real to those who choose to sell or have to. Meantime the company is expanding operations at the two big mines, in Burkino Faso and Suriname, clearly to lower cost per ounce. To do this they are spending the company's cash, and at the end of it the POG might be lower still and they will have no choice but to rip through reserves at bargain prices, destroying more value. The better choice is to halt production and dividends and hunker down, and, if possible, make a cheap acquisition. Why sell reserves as ounces now when they will be worth more in future?  This is a train wreck. Wish I wasn't a passenger.

 

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