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IAMGOLD's production slips in Q1 due to heavy seasonal rains

Kitco News

IAMGOLD (TSX: IMG) (NYSE: IAG) said today that total gold production was 156,000 ounces in Q1, down from 169,000 ounces in Q4.

The company said that its Rosebel mine and satellite Saramacca in Suriname were impacted by unusually heavy seasonal rains and COVID-19 restrictions. Rosebel produced 47,000 ounces in Q1 compared to 52,000 ounces in Q4.

Revenues were down 15% from Q4 at $297.4 million, but gross profit was up at $44.2 million, an increase of $12.3 million compared to the prior year quarter, primarily due to higher realized prices partially offset by lower sales volumes.

Net earnings for the first quarter 2021 were $19.5 million, or $0.04 per share, compared to net loss of $34.4 million, or $0.07 per share in the prior year quarter.

In Q1 the company realized a gold price of $1,78 per ounce, resulting in gold margin of $729 per ounce.

Full year guidance for 2021 is unchanged at 630,000 to 700,000 ounces.

Last year the company produced 653,000 ounces.

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