Iamgold reports 2019 production results and names new CEO
Canadian gold miner Iamgold on Thursday reported "solid" production results and named a new CEO, following Stephen Letwin’s decision to retire after a decade at the helm of the mid-tier mining company.
Gordon Stothart, currently president and COO, would succeed Letwin as president and CEO and would join the board on March 1.
Letwin and Stothart had worked closely since Letwin's appointment as CEO on November 1, 2010.
Chairperson Don Charter commented that Stothart was highly respected in the industry and that the board believed he was the right successor to lead the company.
Meanwhile, Iamgold announced its fourth-quarter and year-end production results, with output of 762 000 oz approaching the low end of the group’s guidance of 765 000 oz to 810 000 oz. Fourth quarter production was 192 000 oz.
Stothart commented in a statement that Iamgold had faced a “number of challenges” in 2019, but that the company still delivered a “solid” year of production.
Total cash costs were expected at the top end of the guidance of $860/oz to $910/oz and all-in sustaining costs were expected at the top end of guidance of $1 090/oz to $1 130/oz.
Stothart said that 2020 would be a year of transition for Iamgold, as it focused on the future of Essakane and Rosebel, continue development of Westwood and bring Saramacca up to full production. This should lead to an improvement in the forecast for 2021.
Its forecast for this year is attributable production of 700 00 oz to 760 000 oz, reflecting no production at Sadiola. In 2021, attributable production would rise by about 10% to between 760 000 oz and 840 000 oz.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
