IAMGold raises funds for its new mine

Article Excerpt

IAMGOLD, $3.58, is a buy. The miner (Toronto symbol IMG; TSINetwork Rating: Speculative) (www.iamgold.com; Shares outstanding: 479.0 million; Market cap: $1.7 billion; No dividends paid) continues to make moves to secure the financing it needs for the ongoing construction of a mine at its flagship Cote gold project. With the added funding, it now aims for production of 460,000 ounces of gold annually starting in early 2024. To raise funds, in October 2022, IAMGold agreed to sell its 95% interest in Rosebel Gold Mines N.V. to China’s Zijin Mining Group for $360 million. IAMGold has also sold its exploration and development projects in Senegal, Mali and Guinea, known as Bamouk, for a total of $282 million. The buyer is Moroccan mining company Managem. IAMGold is still a buy. buy…