Friday, July 2, 2010

IAMGOLD (NYSE:IAG) Drops Over 5 Percent, Even with Starting Production at Essakane Mine Six Months Early

IAMGOLD Corporation (NYSE:IAG) participated in the gold sell-off Thursday, as their recent good news of beginning production six-months ahead of schedule at their Essakane gold mine wasn't enough to overcome the punishing trend.

Gold prices fell below $1,200 at one point in the trading session as investors decided to go with Treasury's for a safe haven, although that is sure to change soon.

Earlier in the week IAMGOLD announced they were far ahead of schedule in opening the mine, which will produce about 500,000 ounces of gold through 2011.

IAMGOLD owns 90 percent of the mine, while the government of Burkina Faso owns the other 10 percent.

The miner ended Thursday's session at $16.77 in New York, dropping $0.91, or 5.15 percent.

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