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IAMGOLD Reports Third Quarter 2020 Results; Generating $105 Million in Operating Cash Flow, Reflecting a 45% Increase over the Second Quarter
Delivers Mine Site Free Cash Flow of $80 million All monetary amounts are expressed in U.S. ...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD Reports Third Quarter 2020 Results; Generating $105 Million in Operating Cash Flow, Reflecting a 45% Increase over the Second QuarterDelivers Mine Site Free Cash Flow of $80 millionAll 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 nine months ended September 30, 2020.Toronto, Ontario--(Newsfile Corp. - November 4, 2020) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) (\"IAMGOLD\" or the \"Company\") reported its consolidated financial and operating results for the quarter ended September 30, 2020.\"IAMGOLD performed well in challenging circumstances, generating $105.1 million in operating cash flows and producing 159,000 ounces of gold, resulting in $80.0 million in free cash flows from our operating mine sites.\" commented Gordon Stothart, President and CEO of IAMGOLD. \"In the quarter, we successfully completed our new bond issuance, lowering our interest costs, extending the maturity to 2028 and enhancing our financial flexibility with a cash balance of approximately $900 million. This cash position, along with access to our largely undrawn $500 million credit facility, brings our total liquidity to over $1.4 billion, enabling us to cover our portion of Côté's capital expenditures. Project engineering at Côté is now 66% complete, as early works continue and permitting advances to enable construction activities. Looking to the fourth quarter, production will be underpinned by Essakane and by Saramacca's contribution to Rosebel. As reported Monday, we had a seismic event at Westwood, with all employees safely brought above ground. I would like to recognize our Westwood team for their safe and successful response to this event. The Westwood mill is expected to restart operations in the next few days while the underground mine operations remain suspended.\"\"Periodically, we review opportunities to return capital to our shareholders, including a dividend policy and share buyback program, in the context of market conditions, share price, our financial position, capital requirements, forecast performance and realized gold prices. IAMGOLD is committed to delivering superior shareholder returns, with the next thirty months centered on dev...