BUSINESS

Iamgold's joint venture mines unaffected by Mali coup in capital city: spokesman

03/22/2012 11:56 EDT | Updated 05/22/2012 05:12 EDT
TORONTO - Iamgold Corp. (TSX:IMG) says it's business as usual at its joint venture mines in Mali despite a military coup in the country's capital city.

A spokesman for the gold miner told The Canadian Press on Thursday that both its Sadiola and Yatela mines are far enough from Bamako, where the coup is taking place, that they're not being affected.

"We obviously continue to monitor the situation very closely," said investor relations vice-president Bob Tait in a phone interview.

The comments came after a mutiny by soldiers in the country's capital, which immediately thrust the region into uncertainty.

Iamgold's stock was down two per cent near midday, or off 27 cents, to $13.06, on the Toronto Stock Exchange.

UK-based miner Randgold suffered a greater impact (Nasdaq:GOLD) with its shares down 11 per cent in New York. Its operations in Mali represent about three-quarters of its operating profit.

Both of Iamgold's mines in Mali are part of a joint venture with AngloGold Ashanti, which operates the mines and is headquartered in Johannesburg, South Africa.

The Sadiola and Yatela mines are roughly 400 kilometres from Bamako.

"We're a long way from the capital," Tait said.

"Obviously we're on a little higher alert than what would be a normal working day, but basically (it's) business as usual at the mines."