PRECIOUS METALS

Iamgold's chair follows CEO out the door

Mid-tier gold miner Iamgold’s chairman, Don Charter, has retired from the position. His departure follows the recent resignation of the company’s president and CEO Gordon Stothart, Iamgold said on January 30. The exits came during a strategic review.

Nathan Richardson
 IAMGOLD's Rosebel mine in Suriname

IAMGOLD's Rosebel mine in Suriname

The miner said the decision was consistent with Charter's longstanding plans. Kevin O'Kane was elected as the interim chair. 

"The board remains fully committed to the ongoing review of its portfolio of assets as part of a focused strategy that will prioritise return on investment and cash flow generation, balanced with the capital allocation requirements to ensure the delivery of Cote - a tier-one, generational assets in Canada that is expected to come online next year," O'Kane said. 

Cote, in Ontario, Canada, was expected produce an average of 489,000 ounces of gold a year in its first five years. It would be Iamgold's fourth mine. 

The company's operations span North America, South America, and West Africa. It is targeting production of 570,000-640,000 attributable oz of gold this year.

Iamgold's share price has trended lower this year. The company traded on the Toronto Stock Exchange at C$3.10/share on January 31, which was down 2% day-on-day. The miner began the year just shy of C$4/share. 

The company had a market capitalisation of C$1,479 million. Iamgold ended 2021 with about US$545 million in cash and equivalents, and US$498 million in an undrawn credit facility. 

Iamgold is also listed on the New York Stock Exchange. 

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