Iamgold posts loss, forecasts lower capex for 2014
Canada's Iamgold swung to a quarterly loss as gold prices fell, and said its capital spending in 2014 would be 40% lower than last year as it had completed the expansion of a mine in West Africa.
The company earmarked 2014 capital expenditure (capex) of about $400-million, saying it had completed the expansion of its Essakane mine, in Burkina Faso.
Iamgold reported a loss of $840.3-million, or $2.23 a share, in the fourth quarter, compared with a profit of $84.6-million, or 22c a share, a year earlier.
Revenue fell 38% to $247.2-million.
Gold price fell 26% to average $1 270.794/oz during October to December from a year earlier.
Iamgold also said total attributable proven and probable gold reserves at the end of 2013 decreased by 11% to 10.1-million ounces of gold.
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