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Iamgold stock rises after posting narrower Q2 net loss

Iamgold stock rises after posting narrower Q2 net loss

Photo by Duane Daws

15th August 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Canadian midtier gold producer Iamgold’s TSX-listed stock was on Friday marching upwards again after the company on Thursday posted a narrower net loss for the three months ended June, after revenue beat analyst estimates.

The stock on Friday opened at C$4.23 apiece, rising to C$4.38 after it reached its highest value in five weeks at C$4.45 a share on Thursday morning, before settling back to close at C$4.33 when the closing bell rang.

The miner, which produces gold from three mines located in West Africa, the Guiana Shield of South America and Quebec, reported a narrower net loss of $16-million, or $0.04 a share, better than the net loss of $28.4-million, or $0.08 a share, in the year-earlier period, the Toronto-based company said on Wednesday.

Adjusted earnings came in at $0.02 a share, missing analysts average estimate of $0.03 a share.

Revenue for the period declined to $288.6-million from $301.1-million a year earlier, as sales volume and the average realised price for gold fell compared with the previous comparable period. However, revenue beat analyst expectations of $274.6-million.

Iamgold reported net cash from operations of $96.8-million, up 155% on the $37.9-million achieved at the end of June a year ago.

The company reported attributable gold output for the quarter of 206 000 oz. Consolidated all-in sustaining costs amounted to $881/oz and at mines where Iamgold was the sole owner, $861/ oz.

The Niobec mine, in Quebec, produced 1.4-million kilograms of niobium with an operating margin of $18/kg. Iamgold had revised its 2014 guidance for the mine upward to 5.5-million kilograms, up from 5.2-million kilograms previously.

Iamgold early this month declared commercial production at its Westwood gold mine in the Abitibi region of Quebec, effective from July 1.

Edited by Tracy Hancock
Creamer Media Contributing Editor

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