This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

IAMGOLD And Its Partners In The Yatela Mine In Mali To Suspend Mining Excavation Activities

Stocks in this article: IAG

TSX: IMG    NYSE: IAG

TORONTO, Sept. 15, 2013 /PRNewswire/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") reports that the Société d'Exploration des Mines d'Or de Yatela S.A, a joint venture between IAMGOLD (40%), AngloGold Ashanti (40%) and the government of Mali (20%), has decided to suspend mining excavation activities at the Yatela Mine in Mali effective September 30, 2013.   This decision reflects a combination of factors, including miner safety in the pit, the drop in the spot price of gold and the reduction in profit margin.  Although a process of gradual dismantling of the site is planned for September 30, 2013, processing of heap leach pads and ore already mined will continue until the end of 2016, since the end of the mining activities does not yet mean the end of the mine.   The Yatela mine is situated over 600 kilometres north-west of the Malian capital of Bamako and about 25 kilometres north of the Sadiola mine.

This decision will result in the conclusion of contractual arrangements with Yatela's mining contractors (AMS & BME), who will cancel the mine workers' contracts.  AngloGold Ashanti, as the mine operator, will focus on compliance with all regulations governing the reduction of staff.  With regard to the employees of Yatela SA, negotiations will continue with the labour union on any closure related issues.

Yatela's community development activities will not be affected by the conclusion of mining activities. A new plan for social development focusing on the expansion and marketing of community development and current socio-economic projects is being developed.

All discussions relating to Yatela closure plan will continue under the supervision of the Yatela National Closure Commission until final agreement. The management of Yatela SA will engage on comprehensive communication with all stakeholders and keep the National Closure Commission informed throughout this process.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs