Iamgold widens Q3 loss on lower sales
TORONTO (miningweekly.com) – Canadian gold producer Iamgold widened its net loss from continuing operations attributable to equity holders to $85-million, or $0.22 a share, in the third quarter, as lower sales volumes and prices resulted in lower revenues.
Excluding special items, the adjusted net loss, including discontinued operations, for the period was $46.9-million, or $0.12 a share, down from adjusted earnings of $200 000 for the comparable period a year earlier. Analysts had expected an adjusted loss of $0.09 a share.
Revenues from continuing operations were $207.6-million, down 28% year-on-year, as a result of lower sales volume at the Westwood mine, in Canada, and Rosebel, in Suriname, after output fell short of expectations.
Attributable gold output totalled 197 000 oz, down 12% year-on-year, owing to lower output at Westwood and lower grades at Rosebel and the Sadiola mine, in Mali.
All-in sustaining costs (AISC) declined by $88/oz to $1 027/oz in the quarter under review.
Iamgold reiterated its 2015 full-year output guidance of 780 000 oz to 815 000 oz of gold, as improved output from Essakane, in Burkina Faso, was expected to offset lower output at Westwood. The company expected AISC for the full year to be between $1 050/oz and $1 150/oz.
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