Iamgold revenues rise on strong performance at key assets
VANCOUVER (miningweekly.com) – The TSX-listed stock of Canadian miner Iamgold on Tuesday rose as much as 13% to C$6.02 apiece after the company late Monday reported strong third-quarter operating and financial performance metrics.
Revenues from continuing operations for the quarter ended September rose 36% year-on-year to $282.4-million, up $74.8-million on the back of a higher realised gold price and higher sales volumes at the Westwood mine, in Canada, as well as at Essakane, in Burkina Faso and Rosebel, in Suriname.
Net earnings attributable to equity holders totalled $17-million, or $0.04 a share, up $102-million, or $0.26 a share, from the same period a year earlier.
Excluding one-time items, adjusted net earnings were $21.8-million, or $0.05 a share, up from an adjusted net loss of $46.9-million, or $0.12 a share, for the comparable period in 2015.
Attributable gold output totalled 210 000 oz, an improvement of 13 000 oz year-on-year.
All-in sustaining costs (AISC) for the period were $1 046/oz sold, up $19/oz over the prior-year period, mainly owing to an increase in sustaining capital expenditures, partially offset by higher sales and lower cash costs.
Iamgold said it expects to be near the higher end of its 2016 attributable gold production guidance of 770 000 oz to 800 000 oz. The company also narrowed its 2016 AISC guidance from $1 000/oz to $1 100/oz sold to $1 050/oz to $1 100/oz sold. The revised range reflects lower operating costs, higher production and capital spending expected to be near the higher end of guidance.
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