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Iamgold Corp Up 5%, Hits New Yr Highs as CEO Talks Up Dividends

The chief executive of Iamgold Corp (IMG.TO) said he would continue to boost the gold miner's dividend as long as growth continues, Reuters reported. Iamgold is up more than 5% and has hit a new year high of $23.67.

Since taking the reins of the Toronto-based company last fall, Steve Letwin has raised the company's dividend more than 200%, Reuters said. But Iamgold's dividend yield is currently less than 1%, anemic compared with some of its rivals, it added.

Wall Street sees Iamgold's US$1.2 billion cash pile, its aggressive talk on mine potential in Quebec, West Africa and South America, and the rising price of gold and wonders why the company's payout is not higher, Reuters said.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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