https://www.engineeringnews.co.za

Iamgold posts loss, forecasts lower capex for 2014

Iamgold posts loss, forecasts lower capex for 2014

Photo by Duane Daws

20th February 2014

By: Reuters

  

Font size: - +

Canada's Iamgold swung to a quarterly loss as gold prices fell, and said its capital spending in 2014 would be 40% lower than last year as it had completed the expansion of a mine in West Africa.

The company earmarked 2014 capital expenditure (capex) of about $400-million, saying it had completed the expansion of its Essakane mine, in Burkina Faso.

Iamgold reported a loss of $840.3-million, or $2.23 a share, in the fourth quarter, compared with a profit of $84.6-million, or 22c a share, a year earlier.

Revenue fell 38% to $247.2-million.

Gold price fell 26% to average $1 270.794/oz during October to December from a year earlier.

Iamgold also said total attributable proven and probable gold reserves at the end of 2013 decreased by 11% to 10.1-million ounces of gold.

Edited by Reuters

Comments

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.182 0.233s - 156pq - 2rq
Subscribe Now