Iamgold Corp. (
TSX: T.IMG,
Stock Forum)shares tumbled Thursday after the company said that it is suspending its dividend effective immediately, citing the need to preserve cash in the face of falling prices for bullion. Prior to the announcement, Iamgold paid a semi-annual dividend of 12.5 cents US per share.
Iamgold is a mid-tier mining company with six operating gold mines, including joint ventures in Canada, South America and Africa.
The company said in a press release it has suspended dividend payments until further notice.
Iamgold shares fell 7% to $3.79 on Thursday, leaving a market cap of $1.43 billion, based on 376.6 million shares outstanding. The 52-week range is $11.82 NS $4.