The company said the executive team reduction is part of it efforts to cut costs, and is in addition to the $125 million of cost reductions realized in 2013. The company is currently targeting a 10% reduction of corporate general and administrative costs in its 2015 budget, in addition to productivity and cost reduction initiative in its Rosabel and Esskane mines.
Iamgodl also decided to withdraw from the World Gold Council and reduce its number of other corporate memberships in an effort to reduce costs.
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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 several weaknesses, 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."
Highlights from the analysis by TheStreet Ratings Team goes as follows: