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IAMGOLD Reports Second Quarter 2019 Results; Expecting Stronger Second Half of the Year at Essakane and Westwood
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. For more inf...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD Reports Second Quarter 2019 Results; Expecting Stronger Second Half of the Year at Essakane and WestwoodAll monetary amounts are expressed in U.S. dollars, unless otherwise indicated. For more information, refer to the Management Discussion and Analysis (MD&A) and Unaudited Consolidated Interim Financial Statements for the three months ended June 30, 2019. Toronto, Ontario--(Newsfile Corp. - August 7, 2019) - IAMGOLD Corporation (TSX: IMG) (\"IAMGOLD\" or the \"Company\") reported its consolidated financial and operating results for the quarter ended June 30, 2019.\"While our second quarter demonstrated improved performance over the first quarter, our outlook at Essakane and Westwood is stronger for the balance of the year,\" commented Steve Letwin, President and CEO of IAMGOLD, \"As margins improve on higher gold prices and our continued focus on costs, we anticipate higher grades and production at Essakane and increasing production at Westwood, with Sadiola contributing to year-end. Production for the year will be impacted by a temporary suspension of mining activities at Rosebel as we work alongside our local stakeholders to resolve the security issues related to unauthorized mining. As a result of this, combined with lower grades at Rosebel, we have adjusted our production and cost guidance for the year. Additionally, we have reduced capital expenditures for 2019, including deferrals. Our balance sheet remains strong, with $660 million in cash and short-term investments as we continue to build out our self-funding operating model across our sites. Saramacca development remains on track, with initial ounces to the Rosebel mill targeted later this year. And, we continue to see exploration potential across our sites, as highlighted by the drill results from Nelligan, Rouyn, Monster Lake and Gosselin.\"Second Quarter 2019 Highlights Attributable gold production of 198,000 ounces at cost of sales1 per ounce of $941, total cash costs2 per ounce produced of $896 and all-in sustaining costs2 per ounce sold of $1,132. Attributable gold sales of 187,000 ounces, lower than production primarily due to inventory in circuit at Rosebel, at an average realized gold price per ounce of $1,314. Revenues of $246.5 million. Net loss attributable to equity holders of $14.4 million, or $0.03 per share. Adjusted net loss attributable to...