Tuesday, September 1, 2015

IAMGOLD Corporation - IMG.t

IAMGOLD Corporation - IMG.t is a mid-tier gold producer with six operating gold mines on three continents.

A solid base of strategic assets in Canada, South America and Africa is complemented by development and exploration projects.

On August 5, 2015 the company reported Numbers

"IAMGOLD Corporation ("IAMGOLD" or the "Company") today reports its financial and operating results for the second quarter ended June 30, 2015.

"We've adapted very well to gold price volatility in the past, reducing our cost structure by more than $175 million since 2013," said Steve Letwin, President and CEO of IAMGOLD. "In this gold price environment we have to do even more. As we optimize our mine plans, we continue our efforts to further reduce operating costs and sustaining capital. Additionally, we are reviewing our future development projects. Consequently, negotiations related to the potential acquisition of our partner's interest in Sadiola have been suspended. Maintaining liquidity is the prudent thing to do in this environment, and fortunately we have a strong balance sheet with $836 million in cash and bullion.

"Gold production of 410,000 ounces in the first six months was up 8% year-over-year, with 202,000 ounces produced in the second quarter," continued Mr. Letwin. "Essakane began processing ore from the Falagountou pit and the cost efficiency initiatives designed to optimize Rosebel's performance are being implemented at Essakane. Looking ahead, we expect enhanced performance at these two operations in the second half of the year. At Sadiola we expect to continue mining and processing the oxides well into 2016. Westwood production was short of expectations in the second quarter due to the localized ground fall following the seismic event on May 26th. With seismic activity common in the Abitibi region, we will advance development at a pace that is safe and reflects that reality."

Second Quarter 2015 Overview:
•Attributable gold production of 202,000 oz.; with gold sales of 195,000 oz.
•Production commenced at Essakane's Falagountou deposit.
•All-in sustaining costs1,2 of $1,076/oz; lower than $1,113/oz in Q1/15 and $1,136/oz in Q2/14
•Total cash costs1,2,3 of $817/oz.; lower than $846/oz in Q1/15 and $881/oz in Q2/14.
•Cash, cash equivalents and gold bullion (at market value) of $836.4 million at June 30, 2015.
•Net cash from operating activities of $31.7 million, bringing year-to-date net cash to $61.7 million.
•2015 production guidance revised due to localized ground fall following a seismic event at Westwood on May 26, 2015:
◦Westwood: from 110,000-130,000 oz. to 60,000-75,000 oz.
◦Consolidated (attributable): from 820,000-860,000 oz. to 780,000-815,000 oz.
•2015 total cash cost guidance maintained at $850-$900/oz. and AISC at $1,075-$1,175/oz."