IAMGOLD Corp (IAG)

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Press Release: IAMGOLD preserves balance sheet; suspends dividend
3 minutes ago - DJNF

IAMGOLD preserves balance sheet; suspends dividend
PR Newswire
TORONTO, Dec. 11, 2013
TSX: IMG NYSE: IAG
TORONTO, Dec. 11, 2013 /PRNewswire/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") announced today that it has suspended future dividend payments until further notice.
IAMGOLD's President and CEO, Steve Letwin, said, "While our outlook for gold over the long term is optimistic, in light of the current gold price we are suspending the dividend to preserve our balance sheet. We are on target to reduce costs by $100 million this year and will continue to look for further reductions next year. This decision to suspend the dividend allows us to conserve cash and ensure we maintain the flexibility we need to take advantage of opportunities when they arise."
The Company continues to maintain $750 million in undrawn unsecured credit facilities.
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