Gold miner Iamgold has reported a 2.8-million-ounce decrease in its year-end proven and probable gold reserves, mainly owing to the sale of its Sadiola operation, in Mali.
Total attributable reserves in 2020 fell by 17% to 13.9-million ounces from the prior year. Excluding the sale of Sadiola, total attributable reserves decreased by 7%, or 1.2-million ounces.
The group’s attributable measured and indicated resources decreased by 12% to 23.9-million ounces.
Iamgold and its joint venture partner, AngloGold Ashanti, at the end of last year sold Sadiola to Allied Gold.
Meanwhile, the Canadian gold miner on Wednesday reported its year-end financial results. Revenue came in at $1.24-billion, its net earnings were $38.5-million, or $0.08 a share. Adjusted net earnings were $87.7-million, or $0.19 a share.
Iamgold also achieved its updated production and cost guidance, generating $347.6-million in yearly operating cash flows and producing 653 000 oz of gold, resulting in $223.2-million in mine-site free cash flows, noted president and CEO Gordon Stothart.
In 2021, Iamgold’s guidance is to produce between 630 000 oz and 700 000 oz of gold.
The group is also advancing its growth platform in North America with major earthworks under way at Côté ahead of schedule, in Canada, ongoing de-risking infrastructure work at Boto, in West Africa and contribution of Saramacca to Rosebel in South America.