Iamgold improves 2022 production and cost guidance
Canadian miner Iamgold has reported its highest quarterly production in more than two-and-a-half years, driven by record output from its Essakane mine, in Burkina Faso, chairperson and interim CEO Maryse Belanger reported on Wednesday.
The company produced 184 000 oz 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.
The miner also lowered its cash cost guidance to between $1 100/oz and $1 130/oz, compared with the previous guidance range of $1 100/oz to $1 150/oz.
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.
Iamgold posted revenue of $343.3-million, compared with $294.1-million a year earlier. 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.
Meanwhile, the Cote project, in Canada, is about 64.2% complete, with detailed engineering fully complete and construction in line with the updated technical report.
The company’s share of remaining project spend to bring Cote gold into production is estimated to be between $1-billion and $1.1-billion.
“With approximately 1 500 workers on site, the project is nearing peak capacity and has seen significant progress in the third quarter towards the target of production in early 2024,” said Belanger.
The announced sale of Rosebel to Zijin Mining last month, is the first step towards addressing the funding commitments to deliver Cote, she added.
“The remaining funding alternative are well advanced and we expect to be able to provide further updates in the fourth quarter,” said Belanger.
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