…and IAMGold opens a mine

Article Excerpt

IAMGOLD $16.84 (Toronto symbol IMG; SI Rating: Speculative) (1-888-464-9999; www.iamgold.com; Shares outstanding: 371.8 million; Market cap: $6.3 billion; No dividends paid) has started production at its Essakane gold mine in the west African country of Burkina Faso. The $350-million mine will produce 315,000 ounces of gold a year. That will raise IAMGold’s annual production by about 25%, to over one million ounces per year. Operating in Africa always involves some political and economic risk. However, Burkina Faso is a relatively stable country. As well, the government of Burkina Faso holds a 10% interest in the Essakane mine. IAMGold owns the other 90%. IAMGold is a buy. buy…