IAMGOLD Corporation focuses on the exploration, development, and mining of gold, copper, diamonds, silver, and other precious metals. Headquartered in Toronto, the gold producer operates mining properties worldwide. The company shares are listed under the symbol IAG at the New York Stock Exchange and under IMG at the Toronto Stock Exchange. IAMGOLD is a Tier II gold producer.
The company was established under the name International African Mining Gold Corporation in 1991. Its name was changed to IAMGOLD Corporation in 1997. In 2003, the company acquired the gold explorer Repadre Capital Corporation for a total of $218 million. The 2006 acquisition of Gallery Gold Limited added the Mupane Gold Mine and the Buckreef Project to the assets of the company. This purchase was recorded as $198 million. In 2008, IAMGOLD purchased all outstanding shares of Orezone Resources. The company acquired one of the largest West African gold properties: the Essakane Project. The mining site holds a reserve of 4 million ounces of gold.
IAMGOLD operates mining properties in Africa, South America, and North America. In Quebec, the Doyton Division underground mines produced 0.118 million ounces of gold in 2008. The mining facilities of the Sleeping Giant Mine were sold to Cadiscor during the same year. South of Georgetown in Guyana, the Omai Mine has produced up to 0.354 million ounces in 2001. The mine has delivered 3.7 million ounces during its mine life. The Yatela Mine in Western Mali had a total output of 0.066 million ounces. The Sadiola open pit mine has reached a production level of close to 0.5 million ounces in 2006. In Ghana, the Damang Gold Mine has delivered 0.217 million ounces of gold. The Tarkwa Gold Mine, west of Accra, contains proved and probable gold reserve of 14.7 million ounces. The mine has yielded a steady output of about 0.554 million ounces of gold. Finally, the Mupane Mine, southeast of Francistown, consists of open pit and processing plant. The site produced 0.101 million ounces of gold in 2008. The company envisages a 0.02 million drop of production levels in 2009.