IAMGOLD (IAG) Raises $300M to Increase Stake in Cote Mine

Zacks05-29

IAMGOLD Corporation IAG announced the successful closing of its previously announced bought deal equity financing, raising gross proceeds of $300.24 million. The net proceeds will be used to ...

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The net proceeds will be used to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/iamgold-iag-raises-300m-increase-154800191.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IAMGOLD (IAG) Raises $300M to Increase Stake in Cote Mine</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIAMGOLD (IAG) Raises $300M to Increase Stake in Cote Mine\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-29 23:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/iamgold-iag-raises-300m-increase-154800191.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>IAMGOLD Corporation IAG announced the successful closing of its previously announced bought deal equity financing, raising gross proceeds of $300.24 million. The net proceeds will be used to ...</p>\n\n<a href=\"https://finance.yahoo.com/news/iamgold-iag-raises-300m-increase-154800191.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CRS","symbol_name":"卡朋特科技","start_time":0,"source_url":"https://finance.yahoo.com/news/iamgold-iag-raises-300m-increase-154800191.html","article_id":"2439063225","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/OLLyh6ovH3rQL6cWNIIzqw--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/40b3c11ab65693676425f4ab90613967"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2439063225","pubTimestamp":1716997680,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"IAMGOLD Corporation IAG announced the successful closing of its previously announced bought deal equity financing, raising gross proceeds of $300.24 million. The net proceeds will be used to repurchase a 9.7% interest in the Cté Gold mine from Sumitomo Metal Mining Co. Ltd., a subsidiary of Sumitomo SSUMY, thereby restoring its 70% interest in the Cté Gold Mine.IAMGOLD, on May 21, 2024, announced that it entered an agreement with a syndicate of underwriters per which they have agreed to purchase, on a bought deal basis, 72,000,000 shares of the company at $4.17 per common share.With Cté Gold now coming online, IAMGOLD now operates three active mines, alongside Essakane in Burkina Faso and Westwood in Quebec, Canada.IAMGOLD shares have risen 54.3% in the past year, outpacing the industry","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CRS":"卡朋特科技","IE00B19Z4B17.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) ACC","SSUMY":"Sumitomo Corp.","LU2065731478.USD":"ALLSPRING (LUX) WORLDWIDE FUND - SMALL CAP INNOVA \"I\" (USD) ACC","IE0031619046.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) INC","IAG":"IAMGOLD Corp","IE00B7SZL793.SGD":"Legg Mason Royce - US Small Cap Opportunity A Acc SGD-H","BK4017":"黄金","BK4104":"贸易公司与经销商","IE00B66KJ199.SGD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY  \" A\" (SGD) ACC","BK4006":"钢铁","ATI":"阿利根尼"},"translate_title":"IAMGOLD（IAG）筹集3亿美元增持科特矿股份","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ATI":1,"CRS":1,"IAG":1,"SSUMY":1},"content_text":"IAMGOLD Corporation IAG announced the successful closing of its previously announced bought deal equity financing, raising gross proceeds of $300.24 million. The net proceeds will be used to repurchase a 9.7% interest in the Côté Gold mine from Sumitomo Metal Mining Co. Ltd., a subsidiary of Sumitomo SSUMY, thereby restoring its 70% interest in the Côté Gold Mine.\nIAMGOLD, on May 21, 2024, announced that it entered an agreement with a syndicate of underwriters per which they have agreed to purchase, on a bought deal basis, 72,000,000 shares of the company at $4.17 per common share.\nAt a steady run rate, the Côté Gold mine is expected to become one of the largest operating gold mines in Canada with an expected mine life of more than 18 years. On a project level, combining the Côté and Gosselin deposits, Côté has a total estimated measured and indicated mineral resource of 16.5 million ounces and an additional 4.2 million ounces of Inferred resources.The Côté Gold mine is operated as a joint venture between IAG and Sumitomo. Per the JV funding and amending agreement entered by the two parties on Dec 19, 2022, IAMGOLD’s stake in the Côté Gold mine was 60.3% and the company had the option to repurchase a 9.7% interest from Sumitomo.The joint venture started construction on the Côté Gold Project in the third quarter of 2020 and per schedule, the Côté Gold mine commenced production during the first quarter of 2024. The mine contributed 1,000 ounces to the quarter’s output.\nWith Côté Gold now coming online, IAMGOLD now operates three active mines, alongside Essakane in Burkina Faso and Westwood in Quebec, Canada.\nThe Essakane mine reported attributable production of 118,000 ounces in the first quarter, a 28% increase year over year mainly due to higher grades. Westwood’s output was 32,000 ounces (up 50% year over year), its highest quarter of production since the mine restarted in 2021. Including the contribution of Côté Gold, IAG’s attributable production was 151,000 ounces in the first quarter, up 34% year over year.\nThe company expects the Côté Gold mine to produce 220,000-290,000 ounces of gold (on a 100% basis) in 2024. It plans to ramp up operations in the second quarter and achieve commercial production in the third quarter.\nFor 2024, excluding Côté Gold, IAMGOLD anticipates attributable gold production to be between 430,000 and 490,000 ounces. It reported attributable gold production of 465,000 ounces for 2023.IAMGOLD announced first-quarter adjusted earnings per share of 11 cents on May 9, which reflected a solid 120% year-over-year increase. The upside was driven by higher gold sales and realized gold prices. Revenues were up 50% year over year to $339 million.\nGold sales were 150,000 ounces on an attributable basis, 38% higher than 109,000 ounces in the first quarter of 2023. The average realized gold price per ounce was up 10% year over year to $2,077.\nPrice Performance\nIAMGOLD shares have risen 54.3% in the past year, outpacing the industry’s 14.3% growth.\nImage Source: Zacks Investment Research\n \nZacks Rank & Other Stocks to Consider\nIAG currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.\nOther top-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS and ATI Inc. ATI. CRS sports a Zacks Rank of 1 at present and ATI carries a Zacks Rank #2 (Buy).\nThe Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $4.18 per share. The consensus estimate for 2024 earnings has moved 6% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 15.1%. CRS shares have gained 134.9% in a year.\nThe consensus estimate for ATI’s 2024 earnings is pegged at $2.41 per share. The Zacks Consensus Estimate for ATI’s current-year earnings has been revised 3% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 8.3%. The company’s shares have rallied 65.9% in the past year.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nATI Inc. (ATI) : Free Stock Analysis Report\nCarpenter Technology Corporation (CRS) : Free Stock Analysis Report\nSumitomo Corp. (SSUMY) : Free Stock Analysis Report\nIamgold Corporation (IAG) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2439063225"}