Each one in plain English, with the numbers worked through for a shareholder.
9 Dec 2011dividend declaration▲ GoodMajor
IAMGOLD raised its annual dividend 25%, from $0.20 to $0.25 per share, with the next semi-annual payment of $0.125 due January 5, 2012 to holders of record December 20, 2011. The company calls it the third increase in twelve months and a 317% rise over that period. This continues the dividend raise from $0.06 to $0.08 in December 2010 and the semi-annual plan. The figures in the filing are as stated, and the earlier $0.08 base is not reconciled with the $0.20 'from' figure in this release.
IAMGOLD updated its rare earth drilling next to Niobec in Quebec: over 7,000 m drilled by end of August 2011 in the rare earth zone, with the first four holes confirming historical grades (e.g. 2.097% total rare earth oxides over 232.8 m in one hole). Early testwork recovered 58-70% in a bulk concentrate, and 18 more holes await assays. This follows the REE testwork flagged in May. It is early-stage exploration, and the CEO says the next task is to assess whether and how it could be mined and processed.
IAMGOLD says it is on track with a $97M 2011 exploration program of more than 500,000 m of drilling, and reports new results near Essakane (Gossey-Korizena trend), at Koemboe near Rosebel and elsewhere. The release says Gossey-Korizena shows promise but its oxide potential is limited by shallow weathering. At Kalana, IAMGOLD must deliver a resource of at least 2 million oz as a precondition to vesting, with an estimate targeted for Q3 2012. The Charmagne project is now referred to as the Overman deposit. This continues the earlier exploration threads and these are exploration results, not resources.
31 Aug 2011asset acquisition disposition● NeutralMajor
IAMGOLD completed the sale of its Mupane mine in Botswana to Galane Gold for $34.2M after adjustments: $12.5M cash, $17.9M in Galane shares and a $3.8M promissory note over 3 years at 6%. IAMGOLD now holds 21,875,000 Galane shares (about 48.5%) plus warrants that could lift it to 49.9%, so it keeps a large stake in Mupane's future through Galane. The release now describes five gold mines, down from six.
22 June 2011asset acquisition disposition▲ GoodMajor
The sale of IAMGOLD's 18.9% interest in the Tarkwa and Damang mines in Ghana to Gold Fields closed, and IAMGOLD received the $667 million in cash. This resolves the April 2011 agreement, which was due to close by July 31. 2011 gold production guidance is 950,000-1,050,000 oz, counting only first-quarter output (46,000 oz) from the two mines. The company has not yet allocated the proceeds but names Rosebel-type expansions at existing mines, completing Westwood, exploration and small acquisitions as focus areas. It now describes six gold mines, down from eight.
IAMGOLD announced it filed the Niobec technical report, repeating the May results (691% rise in measured and indicated resources, up to $2.0 billion after-tax value). New: the company plans in the near term to sell 10-20% of Niobec to raise part of the expansion capital, aiming to fund the expansion without using gold-business cash flow. The pre-feasibility study is planned for completion by end of 2011. This turns the May talk of 'monetizing' into a stated plan, with no buyer or price given.
IAMGOLD filed the full technical report (dated June 17, 2011, by Roscoe Postle Associates) behind the May 2011 Niobec study. It repeats the headline results: 458.11 million tonnes of measured and indicated resource at 0.42% niobium pentoxide, a 42-year mine life in the open pit case, and ore throughput rising from 2.2 to 10 million tonnes a year. The report says open pit mining is technically feasible and economically viable at this early level and should advance to pre-feasibility, and it flags niobium price and waste rock dump locations as key risks. It adds no new results; it is the formal filing of what was announced in May.
IAMGOLD and the Government of Suriname reached a framework agreement to support a substantial capacity expansion of the Rosebel mine, centred on more IAMGOLD investment in nearby resource development, infrastructure and energy. The filing gives no amounts or timetable; specifics are to be announced 'in the near term', so this is an intention, not a committed project.
An independent preliminary study on the wholly-owned Niobec niobium mine in Quebec shows measured and indicated resources up 691% to 1.93 billion kg of contained niobium pentoxide (from 243.8 million kg at end 2010). It examines switching to open pit or block caving to raise output to 13-15 million kg a year (roughly triple current levels), with after-tax asset value of $1.6-2.0 billion and estimated capital of $1.4 billion. The study is preliminary, partly based on inferred resources, and is to be followed by a pre-feasibility study in 2011. The CEO says the company has been exploring opportunities to monetize the asset, but no deal is stated.
IAMGOLD agreed to sell its 18.9% interest in the Tarkwa and Damang gold mines in Ghana to Gold Fields for $667M in cash, which exits the Ghana joint-venture mines held in its portfolio. The deal needs Gold Fields shareholder approval and is expected to close by July 31, 2011. IAMGOLD says it will then have over $1B in cash, cash equivalents and gold bullion, plus an undrawn $350M credit facility, and will update production guidance in its Q1 release. 2010 attributable output from the two mines was 139,000 oz (Tarkwa) and 43,000 oz (Damang).
Another filing with only a cover page and an empty exhibit titled 'Certificate of Amalgamation', much like the February 2011 one. No parties or terms are shown, so it carries no stated substance. The cover page is dated March 4, 2010, but the filing is dated 2011, so that appears to be a typo (inference).
The filing contains only a cover page and an exhibit titled 'Certificate of Amalgamation' with no visible text. It gives no companies, terms or effect, so nothing about the company's structure or assets can be drawn from it.
IAMGOLD set a record 2011 greenfields exploration budget of $43.5M (about 118,000 m of drilling, plus 46,425 m of aircore at Essakane), after an estimated $37.6M in 2010. Kalana (Mali) has a remedial re-assay program, begun in October after sample preparation irregularities, about 50% complete and now due in February; the company says it is confident it will support its view of the potential. At Siribaya, C$6.8M of the C$10.5M earn-in had been spent by end 2010. The Eagle Mountain project in Guyana is subject to a September 2010 earn-in with Stronghold Metals (option to buy 100% for $11M plus 6M Stronghold shares). The filing is truncated.
IAMGOLD raised its annual dividend 33%, from $0.06 to $0.08 per share, payable January 14, 2011 to holders of record December 24, 2010, and plans to pay semi-annually in future. It guides 2011 attributable gold output of 1.1-1.2M oz at a cash cost of $565-595/oz, assuming $1,300 gold, and niobium of 4.7-5.0M kg at a $15-17/kg margin. It says a November electrical problem at Essakane was fully fixed and the mine is at or above nameplate capacity. The release names Steve Letwin as President and CEO, replacing Peter C. Jones, who was named in the August and October 2010 releases.
IAMGOLD has launched a full feasibility study on expanding Essakane, based on positive drilling and a completed conceptual study, due Q3 2011. If it works out, the plan is to double hard-rock mill capacity to about 10.8M tonnes a year and lift output from the current 315,000 oz/yr life-of-mine average to 450,000-470,000 oz/yr. It has committed $14M, and construction could start as early as Q4 2011. This is a new growth thread that builds on the Essakane start-up and is not yet a decision to build.
IAMGOLD says the Essakane mine in Burkina Faso, acquired in February 2009 via Orezone, reached commercial production effective July 16, 2010. This resolves the construction thread; the filing says it started about six months ahead of initial predictions, with construction costing about $453M. Essakane is expected to produce 165,000-175,000 oz in 2010 (100% basis) at a cash cost below $400/oz, and IAMGOLD's total 2010 gold output is expected at 980,000-1,010,000 oz. The release names Peter C. Jones as President and CEO and Gordon Stothart as EVP and COO, and the IR contact is now Bob Tait.
IAMGOLD filed the credit agreement dated April 23, 2010 for the US$50 million letter-of-credit facility with National Bank of Canada, backed by Export Development Canada, with IAMGOLD-Québec Management as a co-obligor. This is the paperwork for the facility announced in March 2010 to support asset retirement obligations. The visible text is definitions and a table of contents; interest rates, fees and term are not shown.
IAMGOLD filed an updated technical report on the Rosebel mine in Suriname (dated March 29, 2010), prepared by a Rosebel company geologist. It states IAMGOLD holds an indirect 95% interest, that reserves use a US$850/oz gold price and resources US$1,000/oz, and that more than 80,000 m of drilling is planned for 2010. It notes the block models have consistently underestimated production grade and tonnage, and recommends improving laboratory performance. The reserve and resource numbers are in the truncated part of the filing, so the year-end increase expected in the October 2009 update is not confirmed here.
IAMGOLD replaced its US$140 million secured revolving credit facility (signed April 2008) with a US$350 million unsecured revolver expiring March 2013, led by Scotia Capital, Société Générale and CIBC. It also plans a US$50 million letter-of-credit facility supported by Export Development Canada, arranged by National Bank of Canada, to back certain asset retirement obligations. The filing does not say how much is drawn. It also notes the 2009 audited financials were filed and sets the annual meeting for May 19, 2010 (record date April 13).
IAMGOLD declared its annual dividend of US$0.06 per share, payable January 12, 2010 to holders of record on December 24, 2009, the same amount as the dividend paid in January 2009. The release describes it as the ninth consecutive annual dividend and says the company produces almost one million ounces from 7 mines, with a target of 1.8 million ounces by 2013 (earlier filings said 2012).
The board of the company that owns the Sadiola mine in Mali approved a $9 million, 11-month feasibility study on the Sadiola Deeps project, after IAMGOLD led the update of the pre-feasibility study. That study projects 400,000-500,000 oz a year (100% basis) from 2013-2018, mine life to 2019, about 2.2M oz more than the current plan, on a $400M initial investment, with an 11% after-tax return at $800 gold and breakeven near $625. Its economics depend on Malian government agreement on grid power and new-project tax treatment. IAMGOLD also reached a tentative deal to buy the IFC's 6% stake in Sadiola for $12M, plus up to $0.5-1M a year for 2010-2012 depending on gold price, and $1M on approval to mine the deep sulphide deposit. AngloGold Ashanti and Mali have 45 days to take up their shares, and IAMGOLD expects completion before year end. This builds on the Sadiola/Yatela exploration program already underway.
IAMGOLD raised its 2009 gold production forecast to 940,000-950,000 ounces, up 30,000 oz from the June guidance, with cash cost unchanged at $460-470 per ounce. The filing credits productivity gains at Rosebel and the Doyon mine running into Q4 2009 (previously Q3). Niobec niobium output stays at 4,200-4,400 tonnes, but its operating margin is cut to $19-21/kg from $20-22/kg because of a stronger Canadian dollar. The guidance assumes $935 gold, up from $900.
IAMGOLD's Q3 exploration update raises 2009 exploration spending to $56M ($36M greenfields). Rosebel's 90,000 m program is 80% complete and the company says results give increasing confidence that reserves and resources will rise by year end. Siribaya drilling roughly tripled the continuously mineralised strike length from 300 m to 900 m and IAMGOLD believes it has met its first-year C$3.0M commitment. Sadiola/Yatela gets a further $2.2M budget on top of the $14.9M program. Negative results: Mamakreek's full assays were sub-economic, and Sarakreek drilling showed mineralisation is not continuous between the Awari and Sula zones. Kalana fieldwork has begun with drilling planned from January 2010, and 16,581 m of drilling at Essakane was for planned infrastructure. The filing is truncated.
IAMGOLD announced that S&P added it to the S&P/TSX 60 index, Canada's large-cap index, effective September 21, 2009 (it was already on the S&P/TSX Composite). It involves no new financing, assets or production figures. The release restates the target of 1.8M oz of gold production by 2012.
IAMGOLD signed an option with Avnel Gold Mining to earn an initial 51% of Avnel's 80% interest in the Kalana project in Mali (the Malian government holds the other 20%). To earn it, IAMGOLD must spend US$11M on exploration over three years, deliver a resource of at least 2 million oz and proceed with a feasibility study; it can raise its stake to 65-70% with a supportive feasibility study. IAMGOLD pays Avnel $1M cash on signing and receives warrants for 2 million Avnel shares at C$0.45; a first-year $2.5M program of at least 6,500 m of drilling is planned. This is a new West Africa growth project, still only at the option stage.
27 July 2009drilling progress report● NeutralMajor
IAMGOLD's Q2 exploration update raises 2009 exploration spending to $54.2M (from $53.1M), $34M of it greenfields. Highlights: Rosebel's 90,000 m drilling is 48% done; Eagle Mountain has a first inferred resource of 587,800 oz at 1.15 g/t; a $14.9M accelerated program at Sadiola/Yatela runs to Q3 2010; and Boto and Siribaya drilling was completed or substantially complete, with Siribaya assays mostly pending. Negative: IAMGOLD has taken steps to end the Buckreef joint venture agreements alongside the sale of the Kitongo project and will record a $9.3M impairment in Q2 2009, which closes out the Buckreef advanced-exploration thread. The filing is truncated, so later sections are not visible.
IAMGOLD received 8,024,511 shares and 1,500,000 warrants of Mexican Silver Mines (about 10.62% of its shares, about 12.36% if warrants were exercised), because Rio Alto, whose same-sized holding IAMGOLD had held, amalgamated with Mexican Silver. The filing describes the La Arena arrangement as an option and earn-in agreement: Rio Alto may buy IAMGOLD's shares of La Arena S.A. for US$47.55M cash and can earn up to 38.7% by spending up to US$30M. This restates the earlier 'sale' as an option structure; the filing does not say the sale has closed. IAMGOLD says it has no present intention to buy more Mexican Silver shares.
IAMGOLD raised its 2009 gold production guidance to 910,000-920,000 ounces, up 30,000-40,000 oz from before, with average cash cost of $460-470 per ounce, $10 lower than previous guidance. The filing attributes the gains mainly to productivity increases at Rosebel and the Doyon mine running into Q3 2009 (it was due to close in Q2), partly offset by lower grades at Mupane. Niobec niobium output is forecast at 4,200-4,400 tonnes with operating margin of $20-22/kg, and 2009 capital spending is now $448M (about $153M spent by May 31). The guidance assumes $900/oz gold versus $800 before.
IAMGOLD gave its quarterly exploration update, with US$53.1 million planned for 2009, of which $34 million is greenfields work, focused on the Guiana Shield, Andes and Brazil, West Africa and Quebec. Key points: Essakane construction is underway with production expected in the second half of 2010 and a $2.5 million exploration spend planned there; the Doyon mine is scheduled to close in Q2 2009 (possibly Q3); Westwood's exploration shaft sinking has started with 73,500 metres of drilling planned; Boto drilling has found 10-15 metre intersections above 1.0 g/t but continuity is not yet shown; and in December 2008 IAMGOLD agreed to earn 50% of Merrex's Siribaya project in Senegal/Mali by spending at least Cdn$3.0 million in the first year. The filing is truncated, so later sections are not visible.
26 Mar 2009capital raising announcement● NeutralMajor
IAMGOLD closed its share offering on March 26, 2009 at Cdn$8.75 per share, issuing 39,445,000 shares (including the full over-allotment option) for gross proceeds of Cdn$345,143,750. About $250 million of net proceeds is expected to fund Essakane construction, with the rest for other properties and general purposes including acquisitions. This resolves the offering announced March 9-10 and answers the Essakane financing thread, with equity funding in place of the earlier proposed debt facility (the filing says replacing 'all or substantially all' of it, so a small remainder is not ruled out). Shareholders' stakes are diluted by the new shares.
