Canadian gold miner IAMGold is on the look-out for acquisitions and while it is not itself up for sale, its chief executive said on Friday it does represent good value right now. "We have a seen a reduction in the values (of companies). We are seeing opportunities that we did not see before," Steve Letwin told Reuters in an interview.
"That does not necessarily mean we are going to jump on one of them, because you have to negotiate and make sure that it works and fits and is accretive. But certainly there seems to be more out there than there was six months ago."
Letwin, who said he expected gold to top $2,000 an ounce this year or next from its current level of around $1,765, declined to comment on whether or IAMGold had been approached by rival gold miners as a potential take-over target. He said $12 of the company's $20 share price represented its exposure to the gold price. "We are a one million-ounce producer at $12 a share and that makes us extremely cheap," he said.
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