Source: IAMGOLD
  • IAMGOLD President and CEO, Gordon Stothart has resigned
  • Daniella Dimitrov will serve as the company’s president and interim CEO, effective immediately
  • IAMGOLD has also commenced a review of its portfolio of assets as part of its focused strategy to prioritize the highest return assets within the portfolio
  • The company released its Q4 and full-year operating results for 2021 and announced 2022 guidance
  • IAMGOLD is a mid-tier gold mining company operating in North America, South America, and West Africa
  • Shares in IAMGOLD (IMG) are down 5.38 per cent, trading at $3.52 per share

IAMGOLD (IMG) has announced a new strategic focus in its latest corporate update, among other announcements.

The company announced that its president and CEO, Gordon Stothart, has stepped down from his executive role and has resigned from the board of directors.

In response to Mr. Stothart’s resignation, the board has engaged an executive search firm to conduct a search for IAMGOLD’s next leader.

In the meantime, Daniella Dimitrov, IAMGOLD’s Executive Vice President Strategy and Corporate Development, has been appointed as the company’s president and interim CEO, effective immediately.

Mr. Stothart will remain with the company in an advisory capacity as required to support the transition as well as the development of Côté Gold.

Strategic focus update

IAMGOLD has commenced a review of its portfolio of assets as part of its focused strategy to prioritize the highest return assets within the portfolio.

This strategic focus will allow the company to deliver an appropriate allocation of capital and resources between the company’s existing mines and its Côté Gold project to generate the best return on invested capital while advancing Côté Gold to production.

“Looking ahead,” said Mr. Stothart, “we are fully focused on bringing Côté Gold into production and we remain on track to commence commercial production in the second half of 2023.”

2021 operational results

IAMGOLD has also released its fourth-quarter and full-year operational results for 2021. The company reported gold production of 601,000 ounces, in line with updated guidance of 565,000 to 605,000 ounces, including 153,000 ounces produced in the fourth quarter.

Annual revenues were approximately $1.2 billion based on attributable gold sales of 590,000 ounces, while Q4 revenues were approximately $295 million based on attributable gold sales of 152,000 ounces.

The company ended 2021 with approximately $545 million in cash and cash equivalents, $42 million in restricted cash, $8 million in short-term investments and $498 million in its undrawn credit facility.

2022 guidance

Operational guidance for 2022 includes attributable gold production of 570,000 to 640,000 ounces, cash costs between $1,100 and $1,150 per ounce sold, and exploration expenditures of approximately $35 million, including near-mine and greenfield programs.

The company expects to complete $590 to $620 million in capital expenditures at its Côté Gold project in 2022 and $70 million at its other assets.

The company will continue to work on construction at Côté Gold and expects to complete several key milestones in 2022 with project completion expected in the second half of 2023.

IAMGOLD is a mid-tier gold mining company operating in North America, South America, and West Africa.

The company’s operating mines include Essakane in Burkina Faso, Rosebel in Suriname, and Westwood in Canada.

Shares in IAMGOLD (IMG) are down 5.38 per cent, trading at $3.52 per share as of 10:12 am EST.

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