First of all the market is very changing

The head of Iamgold since 2003, Joseph Conway, a geologist of training, become analyst, and banker, has made this small Canadian gold company a major player in the North American industry of gold by the bias of the friendly acquisition of Cambior Inc. for $ 1.1 billion in 2006. With an annual production of 1 million ounces, half a million more than in 2005, Toronto company is 1.8 million ounces in five years. By developing its projects, but also through the acquisition of competitors. Iamgold is currently engaged in a hostile takeover of the French Euro resources operation.

How do you explain the disappointing performance of gold

It is true that, unlike other comparable to it, the gold the past environments has not had much of the current financial crisis. First of all, the market is very changing. The quest for liquidity resulted in the reduction of the large positions taken earlier on this precious metal. The rise of the dollar did the rest. Gold is now seen as a raw material and as a kind of motto of coverage. As a natural resource, it suffered from stalls. A currency, it was purchased. What gives its current positioning.

Will the dollar continue to take advantage of the crisis

I do not. In three months, it will be probably lost 15 of its current value. The crisis will be long. And the recession in the real economy is not so tenuous. What is propel an ounce of gold to $ 1,000 in few months and the price of long term around the 750 dollars, as predicted the consensus of analysts.

But the gold industry is not in full form...

This is true. Major groups such as AngloGold Ashanti, Barrick Gold and Newmont Mining display negative net cash balances. They still have cover notebooks well filled, what their does not enjoy completely on the strengthening of the courts. Large groups will not participate in the consolidation. No large fusion is likely under these conditions. On the other hand, the mergers and acquisitions of small and medium size will multiply. In total, while the concentration slows other metals, gold, it will accelerate within two to three years.

Can you play a role

Yes. Our financial situation is healthy. We have a balance net cash of 300 million, including 150,000 ounces of gold and the rest fairly distributed in American and Canadian dollars. This year, we generate 120 to 150 million of operational risk-taking United States dollars. With an average cash cost of our eight mines of 485 dollars an ounce (680 dollars in total cost), we run no risks, even if our profits will now cease to grow. We have a line of secure appropriations not used of $ 140 million at a reasonable rate by the time running: Libor plus 2 points. We do not exclude quickly realize external growth operation. Others will follow. As Euro resources, which we hold 4.9, we already have the insurance to acquire 2.4 more (read below). The proposal while cash on 100 of the capital opened on 6 October offers shareholders a more than 30 instant bonus on the course before the announcement and 15 from the current. Which is not negligible. We will not relieved despite the opposition of his leadership.

What do you think of the frond of some small shareholders

I respect the opinion of all. But it is very unlikely that Tocqueville Asset Management, the second shareholder of Euro resources with 7.5, joining those who are opposed to our offer.

On the operational level, what are your goals

Our first goal is to reach 1.8 million ounces in 2012 with the construction of our projects and acquisitions. Our projects in progress must deliver an ounce at a cost cash of approximately $ 300. The average investment for each of them are $ 250 million. Once completed, they will produce 200,000 ounces of metal on average. We have 8 million ounces of reserves. The French-speaking black Africa and French Guyana region in which Euro resources control of exploration projects, are at the heart of our strategy.