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IAMGOLD Corporation (NYSE:IAG) Stock Suddenly Falls: How to Trade Now?

IAMGOLD Corporation (NYSE:IAG) dropped 6% and was down 13.5% last month. The company reported consolidated operating and financial for Q1 2021. CEO Gordon Stothart said that in Q1 2021, the company made considerable progress towards its development and operating goals.

He said that they generated around $89.5 million free cash flow and ended the quarter with liquidity of approximately $1.5 billion. IAMGOLD reported string production at Essakane and at Westwood’s Grand Duc open pit. COVID-19 restriction and heavy seasonal rains affected production at satellite Saramacca and Rosebel.

The company completed the Essakane upgrade, and it continues expanding Rosebel camp capacity. IAMGOLD commenced significant earthworks at Cote ahead of schedule with 18% project completion at the end of Q1 2021. The company continues to des-risk the Boto project through essential infrastructure work advancement, including camp and access road construction.  Recently, the company announced two initiatives supporting host communities, including the Giants of Africa youth program sponsorship and a considerable donation to the COVAX vaccination program of UNICEF. So in the coming months, IAG is a stock to watch.

Market Reaction:

On Friday, IAG stock decreased 5.74% at $2.79 with more than 6.23 million shares, compared to its average volume of 4.16 million shares. The stock has moved within a range of $2.7800 – 2.9600 after opening the trade at $2.95. Over the past 52-week, the stock has been trading within a range of $2.7800 – 5.3500.

Published by Pete Matthews

Pete attended the University of Colorado and still calls the centennial state home. He chases trout in the summer and snowboards in the winter. He is fascinated with the markets and has a strong interest in nanocap stocks and crypto currency.

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