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IAMGOLD reports quarterly net earnings of $92.6M, reiterates annual guidance

Kitco Media
By Vladimir Basov
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Updated
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(Kitco News) - Gold miner IAMGOLD (NYSE: IAG) (TSX: IMG) reported yesterday that its attributable gold production from continuing operations was 107 koz in Q2 2023, down 37% from Q2 2022 (170 koz).

The company’s gold production in Q2 2022 included ounces from the Rosebel mine, which was sold to China’s Zijin Mining on October 18, 2022.

IAMGOLD 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.

The company expects full year costs to come in at the top end of the guided ranges of between $1,125 and $1,175 per ounce sold for cash costs.

The company also reported revenues from continuing operations of $238.8 million in Q2 2023 (Q2 2022: $232.1 million) and net earnings from continuing operations attributable to equity holders of $92.6 million (Q2 2022: net loss of $22.2 million).

Importantly, IAMGOLD pointed out that the Côté Gold project is now over 86% complete and the remaining capital outlay is in line with the company’s estimates.

“We are excited about where IAMGOLD is positioned today, as when Côté Gold comes online, the company will have a significantly higher production base and lower cost profile, providing a strong foundation of cashflow and growth opportunities in Canada," said president and CEO Renaud Adams.

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 an established portfolio of early stage and advanced exploration projects within high potential mining districts in the Americas.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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