IAMGOLD Corporation IAG has announced the successful completion of its previously announced plan to acquire Mines D’Or Orbec. The transaction was closed through an arrangement to acquire all issued and outstanding common shares of Orbec after the Ontario Superior Court of Justice approved it.
The acquisition of Orbec and the Muus Project adds to IAMGOLD’s potential by strengthening its Nelligan Mining Complex located in the Chibougamau-Chapais region of Quebec.
The company recently closed the previously announced acquisition of Northern Superior Resources. IAG combined its Nelligan and Monster Lake Projects with Northern Superior’s assets (Philibert, Chevrier and Croteau) to form the Nelligan Mining Complex. The Nelligan Mining Complex is considered to be one of the largest pre-production gold projects in Canada.
The Muus Project significantly enhances the coverage for exploration as it lies at the intersection of two major mineralized structures. One of them is the northeast-trending Fancamp Deformation Zone, which hosts the high-grade underground Monster Lake deposit, and secondly, the East-West trending Guercheville Deformation Zone, which hosts the Nelligan and Philibert deposits.
IAMGOLD plans to advance the project, expecting increased drilling activity to begin next year. The company’s strategic step supports its long-term growth through an expanded exploration program in the region.
IAG’s shares have gained 234.2% over the past year compared with the industry’s 154.3% rise.
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IAG’s Zacks Rank & Other Key Picks
IAG currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the Basic Materials space are Kinross Gold Corporation KGC, Fortuna Mining Corp. FSM and Equinox Gold Corp. EQX.
At present, KGC sports a Zacks Rank #1, while FSM and EQX carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for KGC’s current-year earnings is pegged at $1.67 per share, indicating a rise of 145.59%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters while missing once, with an average surprise of 17.37%. KGC’s shares have gained 212.3% over the past year.
The Zacks Consensus Estimate for FSM’s current fiscal-year earnings is pinned at 76 cents per share, indicating a 65.22% year-over-year increase. Its shares have surged 129% over the past year.
The Zacks Consensus Estimate for EQX’s current-year earnings stands at 54 cents per share, implying a 170% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the average earnings surprise of 87%.
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Iamgold Corporation (IAG) : Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).
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