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Iamgold records highest quarterly production

Iamgold has announced an improvement in 2022 production and cost guidance.  Chairperson and interim CEO Maryse Belanger noted the firm reported its highest quarterly production in more than two-and-a-half years.

IAMGOLD is a mid-tier gold mining company operating in North America, South America and West Africa. The Company has three operating mines: Essakane (Burkina Faso), Rosebel (Suriname) and Westwood (Canada), and is building the large-scale, long life Côté Gold project (Canada) which is expected to commence production in early 2024. In addition, the Company has a robust development and exploration portfolio within high potential mining districts in the Americas and West Africa.

Cash cost guidance

The improvement has been attributed by output from its Essakane mine, in Burkina Faso. 184 000 oz was produced in the third quarter, up 8% on the prior quarter, and 528 000 oz year-to-date. Iamgold said it expected its production to exceed the top-end of the previous guidance range of 640 000 oz to 750 000 oz and announced a revised guidance of 650 000 oz to 705 000 oz.

Cash cost guidance was reduced to between $1 100/oz and $1 130/oz. previous guidance range was between $1 100/oz to $1 150/oz. The firm’s revenue on the other hand was $343.3-million, compared with $294.1-million last year. The all-in sustaining cost would be below the bottom-end of the guidance range of $1 650/oz to $1 690/oz, resulting in a revised guidance of $1 600/oz to $1 650/oz. Its net loss widened to $108.3-million, from $94.1-million, and it posted an adjusted net loss of $13.7-million, compared with a profit of $6.1-million in the same quarter last year.

 

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