IAMGOLD $16.38 (Toronto symbol IMG; TSINetwork Rating: Speculative) (1-888-464-9999; www.iamgold.com; Shares outstanding: 376.8 million; Market cap: $6.2 billion; Dividend yield: 1.2%) sold its Mupane mine in Botswana for $34.2 million in September 2011 (all figures except share price and market cap in U.S. dollars). Earlier in 2011, IAMGold sold its 18.9% stake in the Tarkwa and Damang gold mines in Ghana to South African mining giant Gold Fields Ltd. for $667 million in cash.
The sales left IAMGold with 38% of the Sadiola mine and 40% of the Yatela mine, both located in Mali; 90% of its new Essakane gold mine in Burkina Faso; 100% of the Doyon mine in Quebec; and 100% of the Rosebel mine in Suriname, South America.
In addition, IAMGold also has a 1% royalty interest in the Diavik diamond mine in the Northwest Territories. It also owns the Niobec niobium mine in Quebec. Niobium is a rare metal that when used as an additive makes steel stronger, more heat resistant and easier to weld.
In the three months ended September 30, 2011, IAMGold’s revenue jumped 84.0%, to $431.9 million from $234.7 million a year earlier. Gold production rose, partly because the Essakane mine started up in late 2010. Revenue also benefited from higher gold prices. Cash flow more than doubled, to $0.56 a share from $0.26 a share a year earlier.
IAMGold now holds over $1.1 billion U.S. in cash and gold bullion. That gives it lots of options to spur its share price. For example, it could raise exploration spending, make an acquisition or buy back shares.
It could also continue its recent dividend increases: IAMGold raised its semi-annual payout by 25% with the January 2012 payment, to $0.125 a share from $0.10. This was the company’s third dividend increase in the past year. IAMGold’s steadily rising dividend reflects high gold prices and the company’s strong cash flows. The shares now yield 1.2%.
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