IAMGOLD $2.80 - Toronto symbol IMG

IAMGOLD $2.80 (Toronto symbol IMG; TSINetwork Rating: Speculative) (1-888-464-9999; www.iamgold.com; Shares outstanding: 376.7 million; Market cap: $1.0 billion; No dividends paid) is selling its Niobec niobium mine in Quebec’s Saguenay- Lac-Saint-Jean region. When used as an additive, niobium makes steel stronger, more heat-resistant and easier to weld.

The company will receive $500 million U.S. when the sale closes later this year. It will get another $30 million U.S. when an adjacent deposit of rare earth elements goes into production.

Following the sale, the company will hold cash and gold bullion worth over $800 million U.S. That puts IAMGold in a strong position to pay down its long-term debt of $641 million U.S.

The company could also invest in its current gold mines or buy properties from distressed sellers at low prices.

IAMGold is now a buy.

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