Iamgold picks former New Gold boss Adams as new

Ceo

C-SUITE | Move comes just over a year after leadership shake-up

BY CECILIA JAMASMIE

Iamgold (TSX: IMG; NYSE: IAG) has appointed Renaud Adams as its new president and CEO, effective Apr. 3. Adams replaces board chair Maryse Belanger, who was acting as interim president and CEO during the executive search process.

Iamgold has also named Maarten Theunissen as permanent chief financial officer, having served as interim CFO since September, the Toronto-based gold miner said on Mar. 6

Adams has more than 30 years of global mining experience in senior executive positions and operations, most recently as president and CEO of New Gold (TSX: NGD) from 2018 to 2022. He was also the president and CEO of Richmont Mines from 2014 until the company was sold to Alamos Gold (TSX: AGI; NYSE: AGI) in 2017.

Iamgold’s management and board were shaken up in January 2022, with the sud- den departure of top boss Gordon Stothart, followed a month later by board chair Don Charter.

The company also kicked off a review of its assets, as part of a strategy that prioritizes return on investment and cash flow generation. The goal, Iamgold said at the time, was to ensure the delivery of Côté – a tierone, generational asset in northern Ontario, which is slated to come online in early 2024.

The company secured funding in December to finish the over-budget project, by amending its existing joint venture agreement with Japan’s Sumitomo Metal Mining.

As part of the deal, Sumitomo committed to contribute about US$340 million over the course of 2023. In exchange, Iamgold will transfer an approximate 10% interest in the project to Sumitomo.

Iamgold will retain a repurchase option that can be exercised until December 2026 to return to its full 70% interest in the gold project. The company remains the mine operator. TNM