The September quarter has been a strong three-month period for Canada-headquartered Iamgold, which increased is operating cash flow by 28% over the second quarter of 2019 and by 354% over the prior-year period, while efforts continued to contain costs.

The mining company, which operates mines in North and South America, as well as West Africa, lifted revenue to $274.4-million, from $244.8-million in the same quarter of 2018. The increase in revenue came from a higher gold price, which was offset by lower sales volumes at Westwood, in Quebec, Rosebel, in Suriname, and Essakane, in Burkina Faso.

Gross profit improved to $22.8-million, from $7.5-million a year earlier, while its net loss narrowed to $3-million, from a net loss of $9.5-million.

“We had a solid third quarter,” said CEO Steve Letwin, noting that Essakane had contributed to a strong second half, Westwood was progressing and that Rosebel continued to ramp back up to normal operations.

Attributable gold production, inclusive of joint venture operations, was 187 000 oz for the third quarter, down 21 000 oz from the same prior year period. The decrease was primarily owing to lower head grades and recoveries at Rosebel, as the mill feed comprised low grade stockpiles owing to the temporary suspension of mining activities, lower grades at Westwood, lower throughput and recoveries at Sadiola and the end of operations at Yatela, both in Mali.

Total cash costs for the third quarter were $902/oz, up 9% from the same prior-year period, owing to lower production volumes at Rosebel and Westwood. All-in sustaining costs were $1 118/oz, up 3% from the same prior year period.

“We look forward to continuing our momentum with stronger fourth quarter results, and we confirm our production and cost guidance. We believe that the combination of strong Essakane performance, Saramacca ramp-up, stabilisation at Westwood, productivity improvements across all assets, and our exploration successes build the case for investment in Iamgold," said Letwin.

Meanwhile, Gordon Stothart has been made president and COO. Stothart has been with the company since late 2007 as executive VP and COO.

Letwin would continue as CEO.

Iamgold closed 1.84% lower at C$4.81 a share on the TSX on Wednesday.