IAMGold’s new mine almost built

Article Excerpt

IAMGOLD, $3.13, is a buy. The miner (Toronto symbol IMG; TSINetwork Rating: Speculative) (www.iamgold.com; Shares outstanding: 481.1 million; Market cap: $1.5 billion; No dividends paid) is now nearing completion of a mine at its 64.75%-owned flagship Cote gold project, and it aims to start it up in early 2024. That massive gold deposit is in northern Ontario, and it’s forecast to produce 460,000 ounces of gold annually for the first six years. It will have a 16-year mine life in total. When the mine begins production, it will give IAMGold a significantly higher production base and lower cost profile, as well as adding to its cash flow per share. IAMGold is still a buy. buy…