China looks at IAMGold

Article Excerpt

IAMGOLD $4.83 (Toronto symbol IMG; TSINetwork Rating: Speculative) (1-888-464-9999; www.iamgold.com; Shares outstanding: 468.0 million; Market cap: $2.2 billion; No dividends paid) has reportedly attracted some takeover interest from China National Gold Group Corp., that country’s second-biggest gold miner. The global gold-mining industry has, in fact, seen two recent acquisition deals: Barrick Gold (symbol ABX on Toronto) paid $6 billion U.S. to acquire African miner Randgold Resources; and in April 2019, Newmont Mining (symbol NEM on New York and a recommendation of our Wall Street Stock Forecaster newsletter) completed its purchase of Goldcorp Inc. (symbol G on Toronto) for $10 billion U.S. IAMGold’s market cap of $2.2 billion makes it an affordable acquisition for another major miner. That possibility of a takeover just highlights the company’s appeal. IAMGold is a buy. buy…

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