Canaccord analyst Carey MacRury upgraded IAMGold to Hold from Sell with a price target of C$3, up from C$1.50, after IAMGold announced an agreement with its Cote JV Partner Sumitomo under which Sumitomo will effectively fund $250M of the company’s development capex starting in 2023 in exchange for an additional 10% interest. The announcement is a positive as it lowers IAMGold’s capital commitments and is about 11% accretive to his net asset value estimate, MacRury tells investors.
Published first on TheFly
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