IAMGOLD $5.94 (Toronto symbol IMG; SI Rating: Speculative) (1-888-464-9999; www.iamgold.com; Shares outstanding: 295.6 million; Market cap: $1.8 billion) has interests in eight operating gold mines: 100% of the Mupane gold mine in Botswana, 38% of the Sadiola gold mine and 40% of the Yatela gold mine, both located in Mali, 18.9% interests in both the Tarkwa and Damang gold mines in Ghana, 100% of the Doyon mine and the Sleeping Giant mine, both in Quebec, and 100% of the Rosebel mine in Suriname, South America.
IAMGold also a 1% royalty interest in the Diavik diamond mine in northern Canada and 100% of the Niobec niobium mine in Quebec. It has development projects and exploration activities in Africa, as well as in North and South America.
The company reported a sharp rise in cash flow in the three months ended June 30, 2008, to $70.5 million or $0.24 a share, from $23 million or $0.08 a share (All figures except share price and market cap in U.S. dollars.) Revenues rose 34.5%, to $225.1 million from $167.3 million, largely due acquisitions.
IAMGold expects to report total gold production in 2008 of 950,000 ounces.
IAMGold recently made a $113.4 million all-cash offer for Paris-based royalty company Euro Resources, symbol EUR on Toronto. Euro Resources holds a royalty on production from IAMGold’s Rosebel gold mine in Suriname. Eliminating Euro’s Rosebel royalty will reduce IAMGold’s costs at the mine by $50 U.S. an ounce to about $455 U.S. an ounce.
IAMGold’s exposure to African gold mines and its development projects in Latin America entail aboveaverage risk. But the company has a proven track record in both areas, and high-profile partners. It also continues to add to reserves at its existing mines, and to advance its new mines into production.
IAMGold is still a buy for aggressive investors.
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