Canadian gold miner Iamgold (NYSE:IAG) reported strong first quarter revenue growth despite selling more gold ounces at a much lower gold price. Gold production rose 21% largely because of the ramp up at Westwood and the processing of high-grade gold at the Essakane open-pit mine. Rosebel registered no growth, but Iamgold CEO Steve Letwin said he is committed to improving the mine's performance. This could consist of adding new satellite deposits to the Rosebel mill.

Cash is king in the current difficult gold market. Iamgold sits on nearly $900 million in cash and bullion on its balance sheet mainly owing to the sale of Niobec to Magris Resources in late January. The cash position gives the company flexibility to increase the size of its operations either through acquisitions or investments in organic growth. There is talk about Iamgold's interest in buying AngloGold Ashanti's (NYSE:AU) stake of the open-pit Sadiola gold mine in…

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