Iamgold Corporation (IAG)

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IAMGOLD Corporation (IAG)

Q3 2010 Earnings Call

November 5, 2010 11:00 a.m. ET


Stephen J.J. Letwin – President and CEOP

Carol Banducci – EVP and CFO

Gordon Stothart – EVP and COO

Bob Tait – VP, IR

Mike Donnelly, –Senior Vice President, Exploration

Jeff Snow – Senior Vice President, General Counsel and Corporate Secretary


Dan Rollins – UBS Securities

Steven Butler – Canaccord Genuity

Josh Wolfson – Stifel, Nicolaus & Company

Don MacLean – Paradigm Capital

David Haughton – BMO Nesbitt Burns Investment

Barry Cooper – CIBC World Markets



Good morning, ladies and gentlemen. Thank you for standing by. Welcome to IAMGOLD Corporation's 2010 third quarter financial results conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. (Operator Instructions)

I would like to remind everyone that this conference call is being recorded on Friday, November 5, at 11:00 a.m. Eastern Daily Time.

I would now like to turn the call over to Mr. Bob Tait, Vice President, Investor Relations. Please go ahead, sir.

Bob Tait

Thank you, welcome to IAMGOLD's third quarter conference call. Earlier today, we published a news release outlining our operating performance and financial results for the second quarter. The accompanied financial statements, notes, and MD&A have been posted to the, and the company's Web site at IAMGOLD.com.

Joining me today are Steve Letwin, President and CEO of IAMGOLD; Gordon Stothart, VVP and Chief Operating Officer; Carol Banducci, Executive Vice President and Chief Financial Officer; Mike Donnelly, Senior Vice President, Exploration, and Jeff Snow, Senior Vice President, General Counsel and Corporate Secretary.

Please note that management's remarks will include forward-looking statements related to this news release. I'll refer you to the cautionary language regarding forward-looking information in the release and advise you that the same cautionary language apply to our remarks during the call.

We have prepared slides, which can be viewed via our Web site, this call is being recorded for playback purposes, and at this time, I'll turn the call over to our president and CEO, Steve Letwin.

Steve Letwin

Well thank you, Bob, and good morning everybody. As you know, this is my first week as President and CEO of IAMGOLD, and therefore, my first quarterly conference call. And as most of you know, for the last few months, I’ve been eager for this opportunity to lead IAMGOLD. It’s a company with a proven track record of financial and operational success.

And as I said to many of you, a company with further potential to grow and become a major gold producer in the industry.

In the last few months, I’ve been very engaged, both here and in Denver, and I’ve met with many, but not all of you. As you get to know me, I think you’ll find that my communication style is very forthright, open, and transparent. And I do look forward to meeting all of you over the next couple of months.

I believe that positive first impressions are communicated through our actions, and I believe we must deliver what we say we will. During my 30 years of experience in the energy industry, a very highly competitive sector, I’ve cultivated very meaningful relationships that have directly contributed to the achievement of record earnings and cash flow.

I’m equally proud of my record in developing a culture of health and safety, and partnering with communities in which I have operated and enhancing the reputation of the companies that I’ve worked for.

I bring this experience expertise and leadership to IAMGOLD. While needless to say, it’s been an exciting first five days, and I’ve seen the highs of a record quarter of production, and unfortunately, some of the challenges of an interruption at our new Essakane mine, more of which you’ll hear from Gord in a few minutes. But underlining all of it is a company with great assets and suburb growth potential that I’m excited to be part of.

Our strategy is to grow the company with aggressive organic growth and targeted acquisitions to add value for our stakeholders. To achieve our growth targets, we also need to keep an eye on cost, and my guidance to our employees is very simple, treat the company’s money as if it were your own. As I get out there to meet with existing shareholders, the impression that I want to leave with each investor group is that we are aware of the rising cost, that we have a proactive plan in place to reduce our cost, and that we will take swift action to address such.

My goal is to visit each IAMGOLD site within the first 100 days. I’ll be meeting with as many employees as possible to gain a better understanding of our current operations, our strengths, and the opportunities for improvement.

I also plan to reach out personally to our larger shareholders, key government officials in regions where we operate, our business partners, and other key stakeholders. Only after that, when I am armed with a greater understanding of the business and a collective incite of all of our key stakeholders, we’ll commence a very proactive investor relations program of road shows, conferences, and investor meetings.

If you talk to anyone in the investment community, in Niobium and the energy business, you will know that I am a strong advocate of inactivate investor relation program, and I will put that into action here.

Last year I did over 80 investor trips, and I will continue to do that here at IAMGOLD. I believe our path forward lies in setting and communicating realistic goals and then in executing other plans to meet or exceed those goals. I have been and continue to be, impressed by the strength and experience of the existing executive team that guide me, and further understanding the path, it’s operations, it’s future potential. And keeping with my confidence in the team, I plan to involve them into a greater degree in the investor relations programs starting today.

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