| IAMGOLD Receives Regulatory Approvals to Sell Niobec Mine - Analyst Blog | |
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IAMGOLD Corporation (IAG) announced that it has secured regulatory approvals to close the sale of its Niobec mine to a group of companies led by Magris Resources Inc. for cash proceeds of $500 million (post-tax) upon completion. The sale is expected to be complete by the end of Jan 2015.
The sale of Niobec, located in Quebec, will include the adjacent rare earth element ("REE") deposit. The proceeds will also include additional $30 million when the adjacent REE deposit goes into commercial production. A 2% gross proceeds royalty will also be payable on any REE production.
With the sale of the mine, IAMGOLD’s liquidity position will increase, thereby making its financial position stronger than many of its competitors. The company’s cash and cash equivalents, proceeds from the sale as well as the market value of its gold holdings will strengthen IAMGOLD's liquid assets to over $800 million. The company also has $500 million in unused credit facilities.
Moreover, the sale will enable the company to make investments in its existing business and consider acquisitions. The company is aiming to improve its cost structure and generate positive cash flow.
IAMGOLD’s solid base of strategic assets in Canada, South America and Africa is complemented by development and exploration projects and sustained assessment of accretive acquisition opportunities.
IAMGOLD currently has a Zacks Rank #4 (Sell). Other companies in the mining space worth considering include Golden Star Resources, Ltd. (GSS), Pretium Resources Inc. (PVG) and Rubicon Minerals Corp. (RBY). All of these stocks hold a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report IAMGOLD CORP (IAG): Free Stock Analysis Report PRETIUM RES INC (PVG): Free Stock Analysis Report GOLDEN STAR RES (GSS): Free Stock Analysis Report RUBICON MNRLS (RBY): Get Free Report To read this article on Zacks.com click here. Zacks Investment Research
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EXPLORATEUR |
CODE : RBY |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Rubicon Min. est une société d’exploration minière d'or basée au Canada. Rubicon Min. détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont RED LAKE MCCUAIG, RED LAKE EAST BAY, RED LAKE NORTH, MCCUAIG, RED LAKE SLATE BAY, RED LAKE DMC, RED LAKE ADAMS LAKE, RED LAKE HUMLIN et RED LAKE PHOENIX GOLD au Canada. Rubicon Min. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 46,5 millions (41,1 millions €). La valeur de son action a atteint son plus haut niveau récent le 03 décembre 2010 à 6,34 , et son plus bas niveau récent le 11 janvier 2016 à 0,03 . Rubicon Min. possède 47 442 200 actions en circulation. |