Iamgold Corp. is facing the threat of a proxy fight as one of its investors aims for a boardroom makeover.

RCF Management LLC, which owns 5.2 per cent of the miner’s shares, said in a release Tuesday morning that it’s going to nominate at least three new directors for Iamgold’s board.

“We have lost all faith in the current board during the past two weeks of our engagement,” RCF said in its release.

As of Monday’s close, Iamgold shares have lost 28.6 per cent of their value over the last year, compared to a 21.7 per cent gain for the S&P/TSX Composite Index and a 2.45 per cent gain for the TSX materials subgroup.

Iamgold said in a statement that it “engaged extensively in good faith with RCF” and claims it agreed to “almost all” of the investor’s demands. However, the company said it walked away with the impression RCF was “seeking de facto control … and to further its own interests at other shareholders’ expense.”

RCF said its nominees for election to Iamgold’s board are Maryse Belanger, who currently sits on the boards of Equinox Gold Corp., Pure Gold Mining Inc., and Sherritt International Corp.; David Smith, who sits on the boards of Hudbay Minerals Inc. and Pretium Resources Inc.; and Lawrence Haber, who sits on the board of Eco Oro Minerals Corp.