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Market: TSX
Sector: Gold Mining
Epic: TSX:IMG
News: Latest news
Web Site: IAMGOLD
Other Articles: 21-01-201021-12-200905-11-2009

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IAMGOLD

IAMGOLD

IAMGOLD is the top mid-tier gold producer, with annual production of close to 1 million ounces from eight different operations located in North America, South America and Africa. 

The Company also owns two non-gold assets that provide significant cash flow and four development projects that provide a strong platform for continual growth.

Thursday, January 21, 2010

IAMGOLD could hit the magic 1 million ounce mark in 2010

company news image

IAMGOLD (TSX: IMG; NYSE: IAG) reported gold production of 939,000 ounces and Niobium production of 4.1 million kilograms for the 12 month period ended 31 December 2009 (FY 2009).  The unaudited numbers were 7% higher than original guidance given by the mid-tier gold producer.  Higher production was driven by the company’s flagship mine, Rosebel, which produces in just over 400,000 ounces of gold. 


"IAMGOLD enters 2010 confident it will continue to grow and deliver the same type of impressive results as seen in 2009," said Peter C. Jones, IAMGOLD's Interim President and CEO. "The Company consistently delivered results with expected total gold production of 939,000 ounces, at the same time as crystallizing our growth pipeline.”


The company reiterated its most recent guidance for FY 2009 average cash cost per ounce of $460 to $470. 

IAMGOLD also reported a one off non-cash impairment charge of $85 to $100 million on its Camp Caiman project in French Guiana. IAMGOLD issued a preliminary request for indemnification to the Prefect of French Guiana in the amount of €275 million (in September 2009) after the company received no assurance from the French authorities that a final mining framework would permit development of Camp Caiman.


Looking ahead through 2010, IAMGOLD expect production to be between 940,000 ounces and 1 million ounces of gold, driven by the Essakane Project which is expected to move into commercial production in August 2010. Essakane is expected to produce 315,000 per annum at full capacity.


IAMGOLD also expects cash costs to rise to between $490 and $515 per ounce and has earmarked $373 million for capital expenditure and $60 million for exploration. IAMGOLD’s forecasts are based on $1000/ounce gold, $75/barrel oil and a exchange rate of C$1.10/U.S$1.00

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