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

IAMGOLD CORPORATION

(IMG)
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IAMGOLD Announces Temporary Workforce Reduction at Its Westwood Gold Mine

11/23/2020 | 07:05am EST

Toronto, Ontario--(Newsfile Corp. - November 23, 2020) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") announces that it is temporarily reducing the underground workforce at its Westwood mine in Canada. Westwood underground remains suspended following the seismic event reported earlier this month. The temporary reduction affects approximately 437 workers, or approximately 70% of the underground workforce.

As reported on November 2, 2020, the cause of the seismic event is under investigation while a business recovery plan for Westwood is assessed. The Westwood mill restarted on November 4, 2020, processing stockpile and Grand Duc open pit ore. An update will be provided in early 2021.

About IAMGOLD

IAMGOLD is a mid-tier mining company with three gold mines on three continents, including the Essakane mine in Burkina Faso, the Rosebel mine in Suriname, and the Westwood mine in Canada. A solid base of strategic assets is complemented by the Côté Gold development project in Canada, the Boto Gold development project in Senegal, as well as greenfield and brownfield exploration projects in various countries located in West Africa and the Americas. On July 21, 2020, the Company, together with joint venture partner Sumitomo Metal Mining Co. Ltd., announced the decision to proceed with the construction of the Côté Gold Project.

IAMGOLD is committed to maintaining its culture of accountable mining through high standards of ESG practices and employs approximately 5,000 people. IAMGOLD's commitment is to Zero Harm, in every aspect of its business. IAMGOLD is one of the companies on the JSI index.

IAMGOLD is listed on the Toronto Stock Exchange (trading symbol "IMG") and the New York Stock Exchange (trading symbol "IAG").

For further information please contact:

Indi Gopinathan, VP, Investor Relations & Corporate Communications, IAMGOLD Corporation
Tel: (416) 360-4743 Mobile: (416) 388-6883

Philip Rabenok, Senior Analyst, Investor Relations, IAMGOLD Corporation
Tel: (416) 933-5783 Mobile: (647) 967-9942

Toll-free: 1-888-464-9999 info@iamgold.com

Please note:

This entire news release may be accessed via fax, e-mail, IAMGOLD's website at www.iamgold.com and through Newsfile's website at www.newsfilecorp.com. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.

Si vous désirez obtenir la version française de ce communiqué, veuillez consulter le www.iamgold.com/French/Home/default.aspx.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68680


© Newsfilecorp 2020
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Financials (USD)
Sales 2020 1 231 M - -
Net income 2020 49,0 M - -
Net cash 2020 388 M - -
P/E ratio 2020 45,4x
Yield 2020 -
Capitalization 2 091 M 1 639 M -
EV / Sales 2020 1,38x
EV / Sales 2021 1,27x
Nbr of Employees 5 000
Free-Float 99,8%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 13
Average target price 5,25 $
Last Close Price 4,32 $
Spread / Highest target 56,0%
Spread / Average Target 21,5%
Spread / Lowest Target -11,9%
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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