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UPDATE: BMO Capital Markets Downgrades IAMGOLD Corporation to Market Perform on Higher Costs

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Indicated Resource Increase of 6% at Essakane Mine, Burkina Faso and Diamond Drilling Update at Boto Gold Project, Senegal
Separating The Precious Metals Saints From The Sinners
Notable earnings after Tuesday's close (Seeking Alpha)

BMO Capital Markets downgraded IAMGOLD Corporation (NYSE: IAG) with a Equal-weight and lowered the price target from $16.00 to $14.00.

BMO Capital Markets noted, "Attributable gold sales of 214koz on production of 205koz at cash costs expected to be ~US$674-716/oz are in line with BMO Research forecast of 211koz at US$715/oz; while niobium production of 4.7kt for 2012 was in line with expectations. For 2013, IAMGOLD reiterates production of 875-950koz gold, but cash costs of US$850-925/oz are higher than forecast of US$730/oz. The company ascribed the higher costs to one-third inflation and one-third lower grades (especially Essakane), while production mix (high cost Sadiola and Yatela) and harder ore (Essakene and Rosebel) also contributed."

IAMGOLD Corporation closed at $10.87 on Tuesday.

Latest Ratings for IAG

DateFirmActionFromTo
Feb 2015HSBCUpgradesUnderweightOverweight
Jan 2015HSBCDowngradesOverweightUnderweight
Jan 2015HSBCDowngradesOverweightUnderweight

View More Analyst Ratings for IAG
View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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