Why Iamgold Stock Surged 31% This Week
Shares of Iamgold (NYSE: IAG) soared 31% this past week, according to data from S&P Global Market Intelligence. The international mining company took a major step toward optimizing its asset portfolio and bolstering its cash reserves.
Iamgold agreed to sell its 95% stake in Suriname-based Rosebel Gold Mines N.V. to China-based Zijin Mining Group for $360 million in cash. Iamgold will also be released from roughly $41 million in equipment lease liabilities as part of the deal.
"This transaction represents a significant step forward in pursuing Iamgold's strategy of disciplined portfolio management as we look to create value for shareholders through a focus on core assets," CEO Maryse Bélanger said in a press release.
Source Fool.com
