- IAMGOLD (IMG) has announced its preliminary operating results for the third quarter of 2021
- In the third quarter, the company achieved 153,000 ounces of gold production across operations
- IAMGOLD is on track to reach its full year production guidance for 2021 of 565,000 to 605,000 ounces of gold
- As of September 30, the company’s cash, cash equivalents, and short term investments totaled $748.3 million
- IAMGOLD is a mid-tier mining company with three gold mines on three continents
- Shares in IAMGOLD Corp. (IMG) are up 2.51 per cent, trading at $3.475 per share
IAMGOLD (IMG) has announced its preliminary operating results for the third quarter of 2021.
In the third quarter, the company achieved 153,000 ounces of gold production, bringing the year-to-date total to 448,000 ounces.
The company’s operations include three operating mines, Rosebel, Westwood, and Essakane, all of which continued to produce strong results although production at Westwood was down 13 per cent compared to the second quarter.
Still, IAMGOLD is on track to reach its full-year production guidance for 2021 of 565,000 to 605,000 ounces of gold.
Gordon Stothart, President and CEO of IAMGOLD, commented on the results.
“We […] are pleased that our total attributable production is trending towards the upper end of the guidance range,” he said. “Essakane continues to deliver strong results and Rosebel is performing in line with the updated plan.”
Regarding the lower production at Westwood, Mr. Stothart remarked that “although underground mine productivity is improving while we continue to prioritize implementing safety measures as part of the business recovery plan.”
As a result of updated closure costs in respect of the Westwood mine and a preliminary update in Rosebel’s mine plan, the company is reviewing the carrying amount of the Westwood and Rosebel mines to determine whether an adjustment is necessary.
Capital expenditures for Essakane, Rosebel, and Westwood in the third quarter totalled $67, and the company expects that capital spending for the year at its operations will be lower than the full-year guidance of $260 million.
As of September 30, the company’s cash, cash equivalents, and short-term investments totalled $748.3 million.
IAMGOLD is a mid-tier mining company with three gold mines on three continents.
Shares in IAMGOLD Corp. (IMG) are up 2.51 per cent, trading at $3.475 per share as of 10:39 am ET.
