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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (137131)	11/10/2022 3:41:51 AM
From: Goose94	Read Replies (1) of 202373

IamGold (IMG-T) recording a $108.3-million (U.S.) loss in its third quarter. Maryse Belanger, chairman and interim president and chief executive officer, says that Iamgold's 184,000 ounces of attributable production is its highest in nearly three years, aided by record production from the Essakane mine. She enthuses that her company "has continued to build upon its recent successes" -- although a closer look at Iamgold's chart and record suggests that building is akin to a Berliner restacking rubble in the days immediately after the Second World War. After all, any mention of success in connection with Iamgold inevitably sparks the question: "And how is construction of the Cote mine coming along?" Well, Ms. Belanger says it is nearly two-thirds complete and is "advancing well following the schedule and cost update released in the summer." That estimate put the remaining cost at $1.91-billion (U.S.) for a project pegged to cost just $1.15-billion (U.S.) four years ago. The cost overruns on the now $3-billion (U.S.) mine are why Iamgold's stock is far below the $7 it traded at in mid-2020. Business Reporter

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