Lower gold prices have hit revenue for all gold miners. But IAMGold has a stronger position thanks to cash reserves from the sale of a non-gold asset. The miner is well positioned to buy distressed assets from competitors, pay down debt or issue dividends
IAMGOLD (Toronto symbol IMG; www.iamgold.com) owns 41% of the Sadiola mine and 40% of the Yatela mine, both located in Mali; 90% of the Essakane gold mine in Burkina Faso, in West Africa; 100% of the Doyon mine in Quebec; and 95% of the Rosebel mine in Suriname, South America.
In the three months ended September 30, 2015, IAMGold’s revenue fell 27.6%, to $207.6 million from $286.7 million a year earlier. Cash flow per share dropped to $0.09 from $0.24. Lower gold prices and production caused the declines.
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Mining stocks: Sale of Niobec mine brings in $500 million
IAMGold’s long-term production outlook is positive. Meantime, the company holds a high $730.2 million U.S. in cash and gold bullion.
A large part of that cash came from the $500-million sale of its Niobec niobium mine in Quebec’s Saguenay-Lac-Saint-Jean region in early 2015. When used as an additive, niobium makes steel stronger, more heat-resistant and easier to weld.
The company’s cash reserve puts it in a strong position to pay down its long-term debt of $627.8 million U.S. It could also expand its existing gold projects, pay dividends, buy back shares or make timely acquisitions from distressed sellers at low prices.
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Lower gold prices have hit revenue for all gold miners. But IAMGold has a stronger position thanks to cash reserves from the sale of a non-gold asset. The miner is well positioned to buy distressed assets from competitors, pay down debt or issue dividends
