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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  IAMGOLD Corporation    IMG   CA4509131088

IAMGOLD CORPORATION

(IMG)
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Canada's Iamgold to cut jobs at Westwood gold mine

11/23/2020 | 09:56am EST

Nov 23 (Reuters) - Canadian gold miner Iamgold Corp said on Monday it will temporarily cut 437 jobs at its Westwood mine in Quebec, reducing the site's underground workforce by about 70% as operations remain suspended since a 'seismic event' in October.

While the company has not specified the nature of the seismic activity, it has launched an investigation to find the cause and said on Monday it will provide an update early next year.

The miner had earlier slashed its full-year total attributable production forecast to between 630,000 and 680,000 ounces, 2.5% lower at the midpoint compared with previous forecasts, citing the drop to the suspension of Westwood.

Iamgold was forced to book C$395 million impairment charges to its full-year 2019 earnings due to increased seismic activity at the Westwood mine in the fourth quarter last year.

The Toronto-based company has four operating gold mines on three continents. Westwood, which began production in the first quarter of 2013, is currently Iamgold's only underground mine. (Reporting by Rithika Krishna; Editing by Krishna Chandra Eluri)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.83% 1825.63 Delayed Quote.-2.69%
IAMGOLD CORPORATION -2.56% 4.19 Delayed Quote.-10.28%
SILVER 2.03% 24.747 Delayed Quote.-2.98%
WESTWOOD HOLDINGS GROUP, INC. -5.20% 13.66 Delayed Quote.-5.79%
All news about IAMGOLD CORPORATION
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01/04IAMGOLD Adopts Board Renewal Guidelines and Announces Board Changes
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2020IAMGOLD Completes Sale of Its Interest in the Sadiola Gold Mine
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2020IAMGOLD : Strengthens Board of Directors with Two New Appointments
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More news
Financials (USD)
Sales 2020 1 234 M - -
Net income 2020 21,3 M - -
Net cash 2020 432 M - -
P/E ratio 2020 65,8x
Yield 2020 -
Capitalization 1 563 M 1 564 M -
EV / Sales 2020 0,92x
EV / Sales 2021 0,77x
Nbr of Employees 5 000
Free-Float 99,8%
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Technical analysis trends IAMGOLD CORPORATION
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TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 5,35 $
Last Close Price 3,29 $
Spread / Highest target 105%
Spread / Average Target 62,6%
Spread / Lowest Target 15,9%
EPS Revisions
Managers and Directors
NameTitle
P. Gordon Stothart President, Chief Executive Officer & Director
Donald Kinloch Charter Chairman
Bruno Lemelin Senior Vice President-Operations & Projects
Carol T. Banducci Chief Financial Officer & Executive Vice President
Mahendra Naik Independent Director
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