IAMGOLD $18.21 (Toronto symbol IMG; SI Rating: Speculative) (1-888-464-9999; www.iamgold.com; Shares outstanding: 372.1 million; Market cap: $6.8 billion; No dividends paid) has interests in five gold mines in Africa, one in Quebec and one in South America.
In the three months ended June 30, 2010, IAMGold’s cash flow was $64 million, or $0.17 a share. (All figures except share price and market cap in U.S. dollars.) It holds cash and gold bullion of $227.9 million. Unlike most gold miners, it has no debt.
IAMGold recently started production at its Essakane gold mine in the west African country of Burkina Faso. The mine will raise IAMGold’s production by about 25%, to over 1.2 million ounces per year, at a cost of just $500 per ounce.
By the end of next year, IAMGold will likely hold cash of over $600 million. That gives it lots of stock-boosting options: increase exploration spending; make an acquisition; pay dividends; or buy back shares.
Mining in Africa always involves political…
Privacy Policy and Terms of Use
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