NEW YORK (TheStreet) -- Shares of IAMGOLD Corp (IAG) are sinking 6.01% to $1.72 in midday trading Wednesday as gold prices dived to a four-year low of $1,143.76 an ounce today, below production costs for six of 19 mining companies tracked by Bloomberg including Harmony Gold Mining Co. (HMY) , South Africa's third-largest producer, and Primero Mining Corp. (PPP) .
Gold had been sharply declining in recent weeks raising the prospect of another round of dividend cuts from mining companies if prices hover around $1,100 an ounce, Bloomberg reports.
Canada-based IAMGOLD is a mining company operating five gold mines focused in West Africa, some countries in South America, and in Quebec.
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Separately, TheStreet Ratings team rates IAMGOLD CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate IAMGOLD CORP (IAG) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, poor profit margins and generally disappointing historical performance in the stock itself."