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IAG

IAMGOLD Corporation

6/20/2013, 3:18 AM ET

Quote & Headlines Market Currents StockTalk

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Friday, June 14, 2:52 PM IAMGOLD (IAG +0.3%) is initiated with a Buy rating and a $7.50 price target at Global Hunter, which cites its track record of working in emerging market locations with larger gold mines. The Rosebel gold mine in Suriname can produce ~400K oz./year of gold over at least a 20-year mine life; IAG is targeting cash costs in the low $700/oz. area, which the firm believes is sustainable going forward. 1 Comment [Commodities, Quick Ideas]
Wednesday, June 12, 2:18 PM Gold miners (GDX +1%) turn positive as gold climbs past $1,390/oz.: ABX +0.9%, GG +1.1%, NEM +1.2%, IAG +2.1%, GFI +1.3%, AUY +2.4%, NGD +1.3%. The link between gold miners and gold has been strong lately: The 24-day correlation between the spot price of gold and GDX has remained above 90% for five days, the longest such streak since July 2012. 5 Comments [Commodities, On the Move]
Thursday, June 6, 6:14 PM Iamgold (IAG) and the government of Suriname sign a deal to expand the South American country's Rosebel gold mine and extend a partnership to develop it until 2042. The mine is one of IAG's biggest, producing 385K oz. of gold in 2011. No details are made public, but IAG had previously proposed a seven-year program to cost ~$185M. Comment! [Commodities]
Tuesday, June 4, 11:53 AM IAMGOLD Corporation (IAG) declares $0.125/share semi-annual dividend, in line with previous. Forward yield 4.63 %. For shareholders of record July 3. Payable July 12.Ex-div date July 1. (PR) Comment! [Dividends]
Tuesday, May 21, 9:41 AM IAMGOLD (IAG -4.9%) reports encouraging drill results from its Boto Gold project in West Africa, saying drilling continues to return wide intervals with good grades, confirming previous results and further extending the zones drilled. But gold miners (GDX -2.5%) are broadly lower as futures resume their descent after yesterday's wild ride: KGC -4.7%, EGO -4.6%, GFI -3.6%, ABX -2.8%, GG -2.2%, NEM -1.8%. Comment! [Commodities, On the Move]
Wednesday, May 15, 6:06 PM John Paulson, whose hedge fund is the single biggest owner of the SPDR Gold Trust (GLD), maintained a 21.8M-share position even as the value of its holdings fell ~$165M in the latest quarter. But all that remains of his Barrick Gold (ABX) holdings is 36K call options vs. 915K shares at the end of 2012. Other positions in miners AU, NG, AEM, IAG and ANV were unchanged or modestly changed. 7 Comments [Commodities]
Thursday, May 9, 10:51 AM Those wanting exposure to gold producers must pay close attention to both cash costs and balance sheets if they want to avoid ugly surprises, Clarus analyst Jamie Spratt says, suggesting a core holding of low-leverage names with longer-term upside, as they generally can fund their growth internally with relatively stronger free cash flow: ABX, IAG, BAA, OSKFF.PK, DRGDF.PK. 1 Comment [Commodities, Quick Ideas]
Wednesday, May 8, 11:13 AM Iamgold (IAG +8.2%) rallies after Q1 earnings fell Y/Y, hurt by lower revenue and higher cost of sales, but came in ahead of analyst estimates. Following the report, Canaccord upgrades IAG to Buy from Hold with an $8.25 price target; the firm thinks shares are oversold and appear cheap based on 3.2x 2014 price-to-cash flow vs. peer average of 5.4x. Comment! [Commodities, Quick Ideas, On the Move]
Tuesday, May 7, 5:33 PM IAMGOLD (IAG): Q1 EPS of $0.15 beats by $0.01. Revenue of $305.3M (-14% Y/Y) misses by $75.98M. (PR) 1 Comment [Earnings, Breaking News]
Tuesday, May 7, 12:10 AM Notable earnings after Tuesday’s close: ANDE, ARAY, AWK, AXLL, BIO, BIOL, BMC, BWC, CA, CDXS, CHRW, CODI, DGI, DGIT, DIS, DVA, EA, ENPH, EXEL, GA, GPOR, HTA, IAG, JAZZ, KGC, LYV, MAKO, MCEP, MCK, MDLZ, MITK, MRO, MYGN, NVTL, OAS, OCLR, OHI, ONXX, ORA, PRI, RBCN, SD, SGEN, SYMC, SYNC, TRIP, TWO, URS, VCLK, WBMD, WFM, WMB, WPZ, WTI, Z 1 Comment [Earnings]
Monday, May 6, 5:35 PM Notable earnings after Tuesday’s close: ANDE, ARAY, AWK, AXLL, BIO, BIOL, BMC, BWC, CA, CDXS, CHRW, CODI, DGI, DGIT, DIS, DVA, EA, ENPH, EXEL, GTEK, GA, GPOR, IAG, JAZZ, KGC, LYV, MAKO, MCEP, MCK, MDLZ, MITK, MRO, MYGN, NVTL, OAS, OCLR, OHI, ONXX, ORA, PRI, RBCN, SD, SGEN, SYMC, SYNC, TRIP, TWO, URS, VCLK, WBMD, WFM, WMB, WPZ, WTI, Z 1 Comment [Earnings]
Monday, April 29, 11:39 AM Gold miners (GDX) have been smacked by plunging gold prices, but Citigroup and HSBC think they have further to fall. Citi worries about AngloGold (AU) because negative free cash flow would hit its "already stretched balance sheet," but Harmony Gold (HMY) has the balance sheet to weather similar problems; Gold Fields (GFI) is its sector favorite. HSBC cuts GFI, Agnico Eagle (AEM) and many others. 1 Comment [Commodities, Quick Ideas]
Thursday, April 18, 8:39 AM Barrick Gold (ABX) +1.9% premarket despite news Moody’s has placed the company on review for a possible downgrade of its senior unsecured debt rating after work was halted on its $8.5B Pascua-Lama mine. Several mining/metals stocks are higher premarket after gold prices rebound: IAG +3.8%, KGC +3.6%, GOLD +3.1%, GG +2.2%, HMY +2.1%, RIO +1.9%. 1 Comment [Commodities, On the Move]
Tuesday, April 16, 7:53 PM IAMGOLD (IAG) moves to correct earlier what it describes as an inaccurate media report on company spending at its Essakane mine in Burkina Faso. The company says it's maintaining previously announced capital spending plans of around $300M at Essakane this year, with about $200M of those funds earmarked for a project to expand its throughput capacity. The company expects to complete the project in Q4, with no other projects planned. An earlier report by Reuters had said the mine was going to require an additional $360M in expenditures. Comment! [Commodities, Global & FX, On the Move]
Monday, April 15, 7:00 PM The list of 52-week lows reached today is littered with miners and resource names: ABX, ACI, AG, AKS, ANV, AU, AUQ, AUY, CDE, CLF, CVE, EGO, EXK, EXXI, FCX, FNV, FST, GFI, GG, GOLD, HL, HMY, IAG, IPI, KGC, MHR, MT, MTL, NEM, NFX, NG, NGD, NOG, PAAS, PWE, RGLD, RIC, SA, SAND, SGY, SSRI, SVM, TCK, TGB, TRQ, WLT, WTI, X. 5 Comments [Commodities, Energy]
Monday, April 15, 2:15 PM IAMGOLD (IAG -7.8%) says the Suriname parliament approved the agreement the company signed in November with the country’s government to expand its Rosebel mine. Anything in the new area also qualifies for a lower power rate, a key concession as electricity costs in Suriname, where Rosebel is the biggest single power consumer, have doubled in the past four years. Comment! [Commodities, Global & FX]