start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)

I say things on Twitter


I Am Niobium (IAG) ( reports

Earnings report time and FireSteve Letwin's charge, IAMGOLD (IAG) (, needs a change in corporate title. According to the numbers:
  • Operating margin for the whole company in 2013 was $51.1m
  • Operating margin from IMG's niobium ops in 2013 was $95.4m

So let's drop the pretense that your all in cash cost of $1,232/oz Au means you have been making money on gold production, yeah? And by the way FireSteve, when you proudly state in the MD&A bullet points that you got "within 5% of guidance", it means you missed guidance. We clear?

And nice write down too.

OK, scratch all that. I was looking at the quarterly for the company and not the annual (which was an operating margin of $340m, a different kettle of fish altogether). Sadly I'm a putz at times, but the post stays because I'm not so much of a putz to delete my errors. At least I spotted the dumbassery before anyone wrote in.