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Last year, IAMGOLD achieved a significant milestone,
completing the transition from a gold royalty company to a
fully integrated gold producer. In a challenging operating
environment, the Company commenced commercial
production of the Essakane mine in Burkina Faso in
July 2010, well ahead of schedule and close to budget.
Essakane is a world-class gold asset in one of the most
prolific gold-producing regions in West Africa. In 2010,
major new drill targets were identified. With expansion,
Essakane could reach average annual production levels
as high as 470,000 ounces of gold.
On the strength of the Company's 2010 operating and
financial results, as well as expectations for strong performance
in the future, the Board of Directors increased IAMGOLD's
annual dividend by 33% to $0.08 a share.
In the fall of 2010, Steve Letwin was appointed President
and Chief Executive Officer of IAMGOLD, replacing interim
President Peter Jones. On behalf of the Board, I thank Peter
for his contribution and for keeping the Company focused on
its strategic priorities in 2010.
With Steve on board, we look forward to his proven
leadership. Steve joined us from a leading company in the oil and gas sector, where he was
instrumental in enhancing the profitability of its energy
services business. He is a strong supporter of corporate
social responsibility and has built strong relationships with
investors and foreign governments. His goal-oriented
approach and sense of urgency will further strengthen an
already outstanding executive leadership team.
The Board has enthusiastically endorsed Steve's vision for
IAMGOLD – to have a stable of long-life, low-cost mines, with
close to 90% of attributable gold production coming from
mines owned and operated by IAMGOLD. Going forward, the
mandate of Steve and his team is to create shareholder
value. I am confident that Steve's leadership will have a
positive impact on the future growth and prosperity of
IAMGOLD.
William D. Pugliese
Chairman
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