Cost-Cutting Progress in 3Q Leads to Higher Fair Value Estimate for Iamgold; Shares Fairly Valued
In the third quarter, Iamgold’s gold margin per ounce increased to roughly $600 compared with roughly $300 in 2015. About two thirds of the increase is attributable to a higher gold price (about $1,325 per ounce compared with $1,120 in 2015). The other third is attributable to lower total cash costs, which fell roughly $80, to $714 per ounce in the quarter. Impressively, costs fell at all of the company’s three owned and operated mines.Iamgold maintained full-year production guidance, but lowe...
IAMGold is engaged in the exploration for, development and operation of gold mining properties, and the operation of a niobium mine.
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