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HUNT AND BE HUNTED

23rd January 2015

By: Martin Creamer

Creamer Media Editor

  

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Midtier gold producer Iamgold is hunting for acquisitions, while at the same time being prepared to be hunted itself. CEO Steve Letwin, above, expects a deal to eventuate this year for the Canada-based company, which has $500-million in cash from a Canadian mine sale. Iamgold may use these proceeds to help fund an acquisition or develop an acquired project using shares. The company, which is reportedly targeting assets that have all-in sustaining costs of $1 000/oz, posted 8%-lower third-quarter costs of $1 115/oz, after reducing its senior management complement by 40%, cutting most of its project development team and relinquishing its membership of the World Gold Council.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

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