Photo by: Duane Daws
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.