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SMALL BUSINESS
Iamgold's '09 exploration budget up 12 percent
By The Associated Press
, AP
-Gold miner Iamgold Corp. said Monday in an operational update that its 2009 budget for exploration will exceed last year's amount by 12 percent as it pursues prospects in Suriname and Mali.
The Toronto-based company expects to spend $56 million this year exploring for gold, up from last year's $50 million.
In Suriname, its Rosebel venture, where Iamgold aims to drill about 25.5 million feet, is about 80 percent complete. In Mali, the company boosted authorized spending on the Sadiola-Yatela venture to $17.1 million from $14.9 million.
Iamgold, which also operates in Quebec and Brazil, said that $36 million of this year's $56 million exploration expenditures is for greenfield initiatives.
In midday trading, shares slipped 23 cents to $14.22.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-19 11:48:54
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