IAMGOLD Corp. to Build Solar Project in Suriname
Nov 27 13
IAMGOLD Corp. announced that IAMGOLD and/or its subsidiary, Rosebel Gold Mines N.V. will fund the development and operation of a solar power project with an installed capacity of five five megawatts in Suriname. The Solar Project is delivering on a prior commitment to the Government of Suriname, which was made in connection with a prior deal that significantly lowered the Company's cost of power. The cost to build the Solar Project is expected to be in the range of $12 million to $14 million, including the work necessary to prepare and provide access to the site. It is planned to be operational at the start of the third quarter of 2014. The Solar Project will be managed and operated by RGM, with all electric power being used at the RGM site, and will interconnect to Suriname's electric power grid system.
IAMGOLD Corp. Presents at Scotiabank 14th Annual Mining Conference, Dec-03-2013 01:55 PM
Nov 23 13
IAMGOLD Corp. Presents at Scotiabank 14th Annual Mining Conference, Dec-03-2013 01:55 PM. Venue: Ritz Carlton, 181 Wellington St W., Toronto, ON M5V 3G7, Canada. Speakers: Stephen Joseph James Letwin, Chief Executive Officer, President and Director.
IAMGOLD Corp. Reports Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2013; Reaffirms Production Guidance for the Year of 2013
Nov 5 13
IAMGOLD Corp. reported unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2013. For the quarter, attributable gold production, inclusive of joint venture operations, was 228,000 ounces in the third quarter 2013, up 23,000 ounces or 11% from the same prior year period. Gold production was higher due to pre-commercial production from the Westwood mine (43,000 ounces) and higher production at Mouska (2,000 ounces), partially offset by lower grades, as expected, at Essakane (13,000 ounces), lower grades at Sadiola (7,000 ounces) and lower throughput at Yatela (2,000 ounces). Gold commercial production - attributable was 185,000 ounces against 205,000 ounces a year ago.
For the quarter, revenues were $293.5 million against $336.2 million a year ago. Earnings from mining operations were $75.2 million against $151.0 million a year ago. Net earnings attributable to equity holders of company were $25.3 million against $78.0 million a year ago. Net earnings per share were $0.07 against $0.21 a year ago. Adjusted net earnings attributable to equity holders of company were $26.2 million against $60.0 million a year ago. Adjusted net earnings per share was $0.07 against $0.16 a year ago. Net cash from operating activities was $64.9 million or $0.18 per share against $95.8 million or $0.28 per share a year ago. This year-over-year decline was mainly due to the combination of lower revenue and higher cost of sales, partially offset by lower exploration expenses and lower income taxes paid. Capital expenditures in the third quarter 2013 were $129.6 million.
For the nine months, revenues were $899.9 million against $1,054.8 million a year ago. Earnings from mining operations were $287.6 million against $490.0 million a year ago. Net earnings attributable to equity holders of company were $7.8 million against $250.1 million a year ago. Net earnings per share were $0.02 against $0.67 a year ago. Adjusted net earnings attributable to equity holders of company were $117.6 million against $226.8 million a year ago. Adjusted net earnings per Share was $0.31 against $0.60 a year ago. Net cash from operating activities per consolidated interim financial statements was $202.3 million against $314.6 million a year ago. Capital expenditures were $537.2 million.
For the nine months, gold production was 587,000 ounces against 616,000 ounces of prior year period. Gold production - attributable was 640 ounces against 616 ounces a year ago.
For full year 2013, the company expects total attributable production to range between 875,000-950,000 ounces; total cash costs - gold mines to range between $790 and $840 per ounce. Effective tax rate is expected to be 38%. In total, the Westwood mill is expected to produce between 130,000 and 150,000 ounces in 2013. Total capital expenditures, consolidated is expected to be at $615 million.