Mining News
IAMGOLD reports net loss of $75.3 million in third quarter
(Kitco News) - IAMGOLD (TSX: IMG) (NYSE: IAG) yesterday reported Q3 2021 net loss of $75.3 million or $0.16 per share and adjusted net loss of $20.1 million or $0.04 per share attributable to equity holders
Additionally, IAMGOLD announced that the company produced 153 thousand ounces in Q3 2021, 4% less than a year before (Q3 2020: 159 thousand ounces).
The company said that its Essakane mine in Burkina Faso continued to deliver strong results and achieved attributable gold production of 106,000 ounces, in line with the prior quarter and an increase of 11% compared to Q3 2020, as increased throughput and improved recoveries offset the impact of lower grades.
The company’s Rosebel mine in Suriname performed in line with the updated plan and achieved attributable gold production of 40,000 ounces compared to 42,000 ounces a year ago.
In Canada, production at the company’s Westwood mine continues to be impacted while the additional safety measures are implemented. Gold production in the third quarter of 7,000 ounces is 13% lower than in the second quarter and 70% lower than a year before.
Importantly, the company pointed out that its total attributable production is trending towards the upper end of the 2021 guidance range and that the Côté Gold project remains on track for commercial production in the second half of 2023.
IAMGOLD is a mid-tier gold mining company operating in three regions globally: North America, South America and West Africa. The company's operating mines include Essakane in Burkina Faso, Rosebel (including Saramacca) in Suriname and Westwood in Canada. The company also owns the Côté Gold construction project in Canada and the Boto Gold development project in Senegal.
