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MoneyIamgold explores sale amid gold sector consolidation

15:40  17 may  2019
15:40  17 may  2019 Source:   msn.com

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Canadian miner Iamgold Corp. is exploring a possible sale of all or part of the company amid a wave of consolidation in the gold sector , according to people familiar with the matter.

Canada's Iamgold Corp is exploring a possible sale of all or parts of the gold miner business, Bloomberg reported on Thursday, citing people familiar with the matter. The company, which has four operating gold mines, is working with advisers and has been in talks with several potential buyers.

Iamgold explores sale amid gold sector consolidation© Bloomberg Bars of gold bullion sit underneath a 12.5 kilogram gold bar at the Valcambi SA precious metal refinery in Balerna, Switzerland, on Tuesday, April 24, 2018.

(Bloomberg) -- Canadian miner Iamgold Corp. is exploring a possible sale of all or part of the company amid a wave of consolidation in the gold sector, according to people familiar with the matter.

The Toronto-based miner is working with advisers and has spoken to several potential buyers, said the people, who asked not to be identified because the matter is private.

Iamgold’s plans could still change and there’s no guarantee it would succeed in selling itself, the people said.

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Aug 26 (Reuters) - Iamgold Corp :: IAMGOLD ANNOUNCES RESTART OF MINING AT ROSEBEL. IAMGOLD - MINING RESTARTED OVER WEEKEND IN NORTHERN PITS OF ROSEBEL GOLD MINE WITH WORK RESUMING ON SARAMACCA ROAD CONSTRUCTION. IAMGOLD

IAMGOLD , which has four operating mines, froze in January construction of its Côté gold project in Ontario. It added it would wait for improved market What if I were to tell you …….. in conjunction w/ Mining.com’s same day article titled “ Iamgold is said to explore sale amid gold sector

A representative for Iamgold declined to comment.

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Shares of Iamgold closed up 9.4%, valuing the company at about C$1.6 billion ($1.2 billion). The stock had fallen 36% this year through Wednesday. Some analysts have cut their ratings for the stock, expressing concern about its weaker-than-expected results, the increased risk to its 2019 guidance, and uncertainty around its Westwood project in Quebec.

The decision to explore a sale follows several sizable mergers in the gold space, including Newmont Mining Corp.’s $12 billion acquisition of GoldCorp Inc. and Barrick Gold Corp.’s $7.8 billion acquisition of Randgold Resources Ltd.

(Updates shares in fifth paragraph.)

--With assistance from Danielle Bochove.

To contact the reporters on this story: Scott Deveau in New York at sdeveau2@bloomberg.net;Dinesh Nair in London at dnair5@bloomberg.net

To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, ;Aaron Kirchfeld at akirchfeld@bloomberg.net, Michael Hytha, Liana Baker

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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