HUNT AND BE HUNTED

23rd January 2015 By: Martin Creamer - Creamer Media Editor

HUNT AND BE HUNTED

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.