Higher Gold Price and Lower Costs Drive 2016 Improvement for Iamgold; Shares Slightly Overvalued
2016 was a year of marked improvement for Iamgold, with margin per gold ounce (gold price less cash costs) expanding by almost $200 per ounce to $505 per ounce. While the higher gold price was responsible for about $90 of this expansion, Iamgold did its part by driving its cash costs down by about 11% to $739 per ounce. More importantly, with our expectations that gold will pull back this year to $1,100 per ounce as the Federal Reserve pursues a path of rate hikes, lower cash costs should help I...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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