IAMGOLD narrows quarterly loss, appoints new director

The Essakane mine

The Essakane mine

10th November 2023

By: Marleny Arnoldi

Deputy Editor Online


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Canadian miner IAMGOLD Corporation is on track to produce between 410 000 oz and 470 000 oz of attributable gold this year, following output of 109 000 oz reported for the third quarter of the year and 329 000 oz produced in the year-to-date.

The company reported a net loss attributable to equity holders of $800 000 and an adjusted attributable net loss of $4-million for the quarter ended September 30. This is an improvement on the adjusted attributable loss of $22.7-million reported for the third quarter of last year.

Earnings before interest, taxes, depreciation and amortisation from continuing operations amounted to $61.8-million, while adjusted Ebitda was $57.8-million.

The company generated net cash of $37.5-million from operating activities and has available liquidity of just more than $1-billion comprising cash and cash equivalents.

CEO and president Renaud Adams comments the Essakane project’s operating teams, based in Burkina Faso, have had to navigate a geopolitically challenging environment in the period. He adds that, despite the achievements of the Essakane team in the quarter under review, operating costs in Burkina Faso have remained high owing to inflation.

IAMGOLD also operates the Rosebel and Westwood projects, in Suriname and Canada, respectively.

Meanwhile, the company’s Côté gold project, in Canada, is at 92% completion, having incurred project expenditures of $317-million in the third quarter of the year. In total, IAMGOLD has spent $2.5-billion of a planned $2.9-billion on the project to get it to commissioning.

The project is expected to start producing gold in the first quarter of next year. It will be one of Canada’s largest gold mines and serve as a model for modern mining in the industry for many years to come.

IAMGOLD has announced that director Ian Ashby has retired from the board, with Anne Marie Toutant having been appointed as an independent director.

Tourant previously served on the board from December 2020 to May 2023. She has a profound technical background which will prove to be an asset as IAMGOLD ramps up production at the Côté gold project next year.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online




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