{"id":1116629,"date":"2019-05-17T10:57:25","date_gmt":"2019-05-17T10:57:25","guid":{"rendered":"http:\/\/www.mining.com\/?p=988074"},"modified":"2019-05-17T10:57:25","modified_gmt":"2019-05-17T10:57:25","slug":"iamgold-tactfully-rejects-rumours-of-planned-assets-sale","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1116629","title":{"rendered":"IAMGOLD tactfully rejects rumours of planned assets sale"},"content":{"rendered":"

Canadian bullion producer\u00a0IAMGOLD Corp. (TSX IMG), (NYSE: IAG) said it wasn\u2019t aware of any material change<\/a> that would account for a sharp price rise in its stock on Thursday and into early trading on Friday, following reports that the miner was exploring a possible sale<\/a> of all or parts of its business.<\/p>\n

The Toronto-based firm, which doesn\u2019t usually comment on speculation and rumours, didn\u2019t openly deny it might be in talks with advisers and potential buyers.<\/p>\n

Company, however,\u00a0didn\u2019t openly deny it might be in talks with advisers and potential buyers.<\/q><\/p>\n

\u201cThe company regularly reviews strategic alternatives available to it and may engage in discussions regarding potential transactions,\u201d it said in a brief statement, adding it would inform the market of any development, if there was one, as required.<\/p>\n

Shares of IAMGOLD closed up 9.4% in Toronto on Thursday, after climbing more than 10% in late afternoon, valuing the company at about C$1.6 billion.<\/p>\n

In the New York Exchange, the stock rose from a close of $2.39 on Wednesday to a high of $2.75 Thursday, before finishing at $2.60. On Friday morning it was still reeling from yesterday news, up 1.53% at $2.64 in pre-market trading.<\/p>\n

IAMGOLD, which has four operating mines, froze in January<\/a> construction of its C\u00f4t\u00e9 gold project, in Ontario. It added it would wait for improved market conditions before going ahead with the $1.15-billion investment.<\/p>\n

Wave of M&A in the gold sector<\/strong><\/h4>\n

Following the highly publicized multi-billion mergers of\u00a0Barrick \u2013 Randgold<\/a>\u00a0and\u00a0Newmont \u2013 Goldcorp<\/a>, the global gold sector is going through an\u00a0anticipated wave of consolidation<\/a>\u00a0that so far seems to be mostly focused on Canada.<\/p>\n

\u201cWe can expect even more M&A activity in the near future,\u201d Dean Braunsteiner, PwC Canada National Mining Leader\u00a0said last month<\/a>. \u201cThat creates a cascading effect of further deals as companies sell off non-core assets, which brings new opportunities for management teams to build the next big Canadian mining company.\u201d<\/p>\n

BMO Capital Markets analyst, Brian Quast, said earlier this week the announced acquisition of Atlantic Gold by St. Barbara<\/a> highlighted the valuation gap between Australian and Canadian gold producers, creating an environment ripe for consolidation.<\/p>\n

“Australian producers currently hold the upper hand in valuation, FCF generation, and market cach\u00e9 to purchase Canadian assets, many of which have struggled mightily of late,” Quast said in a note to investors.\u00a0“We view the consolidation of Australian and Canadian mid-tier miners as inevitable.”<\/p>\n

The post IAMGOLD tactfully rejects rumours of planned assets sale<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Canadian miner said it wasn’t aware of any “material change” that would account for the sharp price rise in its stock on Thursday and into early trading on Friday.<\/p>\n

The post IAMGOLD tactfully rejects rumours of planned assets sale<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1010,1229,949,404,369,391],"tags":[25,48],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1116629"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1116629"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1116629\/revisions"}],"predecessor-version":[{"id":1116686,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1116629\/revisions\/1116686"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1116629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1116629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1116629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}