Mounting Outstanding Problems - IAMGOLDThe daily lives of the under-qualified IAMGOLD management members must be a living hell! Each passing day, they are confronted with mounting pressure that’s being applied from the major shareholders, creditors, bankers and contractors regarding their inability to secure full funding for the Cote gold mine.
It must be an over-whelming burden for them to deal with the ever-increasing problems and challenges of running a gold mine as well as the out of control budget construction costs for the Cote gold project. The Project continues to experience increasing major construction cost over-runs and its only 57% complete as of August with no solution in sight to resolve the significant liquidity problem. Moreover, they keep pushing the commercial production date further into the future, 2024… They must be feeling the pressure of the walls closing-in on them!
As a shareholder aptly stated recently, IMG is bleeding cash, quarter after quarter and they have created a real mess that were in today at current prices. IMG is at "gut check time", where they need to do something drastic or this is under 1 dollar and delisted off the NYSE.
My final comment, as if they don’t have enough on their plate, where does the company stand with the search for a permanent CEO?