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(Kitco News) - IAMGOLD (NYSE: IAG) (TSX: IMG) yesterday reported attributable gold production from continuing operations of 113,000 ounces in Q1 2023, a decline of 12% compared to Q1 2022 (128,000 ounces).
Cost of sales per ounce sold from continuing operations was $1,176 (Q1 2022: $921), cash cost per ounce sold from continuing operations was $1,094 (Q1 2022: $914) and all-in sustaining cost (AISC) per ounce sold from continuing operations was $1,525 (Q1 2022: $1,389).
The company said that its attributable gold production guidance for 2023 is unchanged and is expected to be in the range of 410,000 to 470,000 ounces.
Costs guidance for 2023 is unchanged with cash costs expected to be between $1,125 and $1,175 per ounce sold and AISC expected to be in the range of $1,625 to $1,700 per ounce sold, it added.
The company noted it anticipates that costs will increase during the second and third quarters of 2023 and could be at or above the high end of the annual guidance range due to higher volumes of waste stripping planned during these periods.
According to a news release, revenues from continuing operations were $226.2 million (Q1 2022: $265.0 million) from sales of 119,000 ounces (109,000 ounces on an attributable basis) at an average realized gold price of $1,893 per ounce.
IAMGOLD also reported Q1 2023 net earnings attributable to equity holders of $6.3 million (Q1 2022: $16.0 million) or $0.01 per share and adjusted net earnings attributable to equity holders of $24.9 million (Q1 2022: $16.4 million) or $0.05 per share. Cash and cash equivalents amounted to $532.1 million as at March 31, 2023.
"Looking at the first quarter, IAMGOLD reported impressive production results from both Essakane and Westwood, while cost pressures remained in line with our estimates and what is appearing to be a new normal for our industry," said Renaud Adams, President and CEO. "The Essakane mine reported 92,000 ounces of attributable production, with our Burkinabe teams demonstrating remarkable resilience and flexibility, as higher than modeled grades helped to offset lower than expected mining tonnes due to the ongoing challenges managing the in-country supply chain and security. At Westwood, we saw the continued ramp up of production, with 21,000 ounces produced in the quarter as the operation begins to reap the benefits of the past 18 months of rehabilitation work which is ongoing and expected to position the operation well for exiting the year."
"At Côté Gold, the project continues to advance rapidly towards initial production early next year. The project was approximately 80% complete at the end of March, and is now ramping up to peak activity levels now that the spring thaw is nearing completion with a clear roadmap in front of us to achieve success," he added.
IAMGOLD is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. The company is building the large-scale, long life Côté Gold project in Canada in partnership with Sumitomo Metal Mining, which is expected to commence production in early 2024. In addition, the company has a portfolio of early stage and advanced exploration projects within high potential mining districts in the Americas.
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