15 16 17 18 19 2016-01-19 08:43 ET - News Release
Mr. Steve Letwin reports
IAMGOLD MEETS PRODUCTION AND COST GUIDANCE FOR 2015 AND LOWERS COST GUIDANCE FOR 2016
Iamgold Corp. has released preliminary operating results for 2015 and guidance for 2016. All amounts are expressed in U.S. dollars, unless otherwise indicated.
Iamgold's president and chief executive officer Steve Letwin said: "Our preliminary operating results indicate a solid year over all in 2015. We met both our cost and production guidance, with production of 806,000 ounces exceeding the midpoint of our guidance range, driven by a 16-per-cent increase at Essakane. Westwood finished the year with production within its revised guidance range and a clear development and ramp-up plan going forward.
"We begin 2016 with nearly $700-million in cash and bullion and renewed confidence in mine plans that have been updated to reflect the current gold price environment. We expect production in 2016 to be consistent with 2015 as we move forward with development to open up new mining areas at Westwood. We continue to benefit from the stronger U.S. dollar and lower oil prices, and these factors, together with further opportunities to lower costs and improve productivity, have enabled us to reduce all-in sustaining cost guidance by $75 an ounce for the second year in a row to a range of $1,000 to $1,100 in 2016."
Performance highlights for 2015
- Attributable gold production of 806,000 ounces within guidance of 780,000 to 815,000 ounces; fourth quarter production 199,000 ounces;
- Preliminary total cash costs expected to be below or at the lower end of guidance of $825 to $865 per ounce;
- Preliminary all-in sustaining costs expected to be within guidance of $1,050 to $1,150 per ounce;
- Capital expenditures of approximately $240-million, 15 per cent lower than capital expenditures on gold assets in 2014;
- Approximately $700-million in cash, cash equivalents, restricted cash and gold bullion (market value) as at Dec. 31, 2015.
Guidance highlights for 2016
- Attributable gold production expected to be between 770,000 and 800,000 ounces;
- Total cash costs expected to be between $775 and $815 per ounce;
- All-in sustaining costs expected to be between $1,000 and $1,100 per ounce;
- Capital expenditures guidance of $250-million plus or minus 10 per cent.
Iamgold produces 813,000 oz Au in 2016
2017-01-16 20:15 ET - News Release
Mr. Steve Letwin reports
IAMGOLD EXCEEDS PRODUCTION TARGET AND EXPECTS TO ACHIEVE COST GUIDANCE FOR 2016; PLANNED PRODUCTION TO INCREASE IN 2017 WITH LOWER ALL-IN SUSTAINING COSTS
Iamgold Corp. has released preliminary operating results for 2016 and guidance for 2017. All 2016 numbers are preliminary and unaudited and subject to final adjustment. All amounts are expressed in U.S. dollars, unless otherwise indicated.
Iamgold's president and chief executive officer, Steve Letwin, said: "With gold production increasing in each consecutive quarter of 2016, we had a strong finish to the year. Strong operating performance drove production above guidance to 813,000 ounces. Production at all sites exceeded the top end of the guidance ranges, and Westwood's achievement of ambitious underground development targets was outstanding, which well positions them to nearly double production in 2017. We expect cash costs and all-in sustaining costs to be within guidance, reflecting continued success optimizing mine performance and improving productivity.
"The year 2016 was pivotal for Iamgold," continued Mr. Letwin, "as strong operating performance and the achievement of critical milestones have well positioned us for growth. With strategies to capitalize on organic growth opportunities at all of our mines and a balance sheet that enables us to internally fund this growth, we're confident that by 2020 we can take production to one million ounces and reduce all-in sustaining costs by 15 per cent. We expect production in 2017 to increase by 4 to 9 per cent from last year with all-in sustaining costs ranging between $1,000 and $1,080 an ounce."
Performance highlights for 2016:
- Attributable gold production of 813,000 ounces; above guidance of 770,000 to 800,000 ounces; fourth quarter production 215,000 ounces;
- Total cash costs (1) expected to be within guidance of $740 to $770 per ounce;
- All-in sustaining costs (1) expected to be within guidance of $1,050 to $1,100 per ounce;
- Capital expenditures of approximately $280-million were relatively in line with guidance of $275-million;
- Approximately $750-million in cash, cash equivalents and restricted cash as at Dec. 31, 2016.
Guidance highlights for 2017:
- Attributable gold production expected to be between 845,000 and 885,000 ounces;
- Total cash costs expected to be between $740 and $780 per ounce;
- All-in sustaining costs expected to be between $1,000 and $1,080 per ounce;
- Capital expenditures guidance of $250-million plus or minus 5 per cent.
(1) This is a non-generally accepted accounting principle measure.
2018-01-16 17:52 ET - News Release
Mr. Steve Letwin reports
IAMGOLD DELIVERS EXCEPTIONAL OPERATING AND EXPLORATION PERFORMANCE IN 2017 WITH SIGNIFICANT GROWTH CATALYSTS AHEAD IN 2018
Iamgold Corp. has provided its preliminary operating results for 2017 and guidance for 2018. All amounts are expressed in US dollars, unless otherwise indicated.
"As indicated by the preliminary numbers, we had another year of solid operating performance," said IAMGOLD's President and CEO, Steve Letwin. "Annual production of 882,000 ounces was at the top end of our target range, all-in sustaining costs are expected at the low end of guidance, and we ended the year with $1 billion in liquidity. In 2017 we achieved milestones that have ignited our major growth projects, and now as we head into 2018 it's all about execution. Our capital spending plan this year includes the development of Saramacca, the heap leaching project at Essakane, and the Cote Gold feasibility study. Our continued success in building our growth pipeline is expected to drive production to 1.2 to 1.3 million ounces by 2022, with all-in sustaining costs below $850 an ounce."
Performance Highlights for 2017
- Attributable gold production of 882,000 ounces; at the top end of guidance of 845,000 to 885,000 ounces; fourth quarter production of 228,000 ounces.
- Attributable gold sales expected to be approximately 870,000 ounces.
- Total cash costs1 expected at mid-point of guidance of $740 to $780 per ounce.
- All-in sustaining costs1 expected at low end of guidance of $1,000 to $1,040 per ounce.
- Significant increase in reserves at Rosebel and Cote Gold and a maiden resource at Saramacca
- Capital expenditures in line with guidance of $225 million.
- Cash taxes expected to be approximately $50 million.
- Approximately $790 million in cash, cash equivalents and money market investments as at December 31, 2017.
Guidance Highlights for 2018
- Attributable gold production between 850,000 and 900,000 ounces.
- Cost of sales between $765 and $815 per ounce.
- Total cash costs between $750 and $800 per ounce.
- All-in sustaining costs between $990 and $1,070 per ounce.
- All-in sustaining costs and cash costs per ounce expected to trend downwards in second half.
- Exploration continues to target additional resources at Saramacca, Essakane, Boto, Siribaya, Monster Lake, Nelligan and Eastern Borosi.
- Capital expenditures of $365 million plus or minus5%, with sustaining capital at a level consistent with 2017 and non-sustaining capital higher mainly due to the development of Saramacca and Essakane's heap leaching project.
1 Non-GAAP measure.
Mr. Steve Letwin reports
IAMGOLD REPORTS 2018 YEAR-END RESULTS REFLECTING INCREASED RESERVE BASE, SOLID ASSET PORTFOLIO AND STRONG CASH POSITION
Iamgold Corp. has released its consolidated financial and operating results for the quarter and year ended Dec. 31, 2018. All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. For more information, refer to the annual management's discussion and analysis and audited consolidated financial statements as at Dec. 31, 2018.
"Two thousand eighteen was a year of building for the future while remaining focused on creating superior shareholder value," commented Steve Letwin, president and chief executive officer of Iamgold. "In addition to achieving guidance on 2018 production at 882,000 attributable ounces of gold and on 2018 all-in sustaining costs at $1,057 per ounce sold, we increased proven and probable reserves by 23 per cent and delivered robust feasibility studies for both the Cote gold and Boto gold projects, all while maintaining a strong balance sheet. We believe in the positive, transformative value of Cote, but have deferred the construction decision pending improved and sustainable market conditions. In 2018, we declared reserves at Saramacca and commenced development to deliver that ore to the Rosebel mill. We also announced initial resources at Monster Lake, Eastern Borosi and Gossey, and enjoyed significant greenfield success at both Nelligan and Diakha-Siribaya. In addition, we are building a framework for the role of technology in mining. In 2018, we completed the 15-megawatt-peak hybrid solar/thermal power plant for our Essakane operations and invested in enhanced systems to identify that our gold production is responsibly sourced. Iamgold enters 2019 focused on delivering shareholder value through operational improvements, advancement of engineering and further derisking of projects."
2018 highlights
Financial results:
- Revenues of $1,111.0-million, up $16.1-million from 2017;
- Gross profit of $136.9-million, down $16.0-million from 2017;
- Net loss attributable to equity holders of $28.2-million, or six cents per share; compared with net earnings of $501.6-million, or $1.08 per share in 2017; the decrease was primarily due to reversals of impairment charges related to the Cote gold project and the Rosebel mine, totalling $524.1-million in the prior year;
- Adjusted net earnings attributable to equity holders (2) of $29.8-million, or six cents per share (2), up $500,000 from 2017;
- Net cash from operating activities of $191.1-million, down $104.2-million from 2017, primarily due to an increase in non-cash working capital items and non-current ore stockpiles; this increase was primarily due to higher mine supplies, buildup of accounts payable and accrued liabilities in the prior year, and higher stockpiling of low-grade ore;
- Net cash from operating activities before changes in working capital (2) of $288.4-million, down $5.6-million from 2017;
- Cash, cash equivalents, short-term investments and restricted cash totalled $758.0-million at Dec. 31, 2018; cash and cash equivalents were $615.1-million, short-term investments, primarily in money market funds, were $119.0-million, and restricted cash was $23.9-million.
Operating performance:
- Attributable gold production of 882,000 ounces, equivalent to 2017, including record gold production of 405,000 ounces at Essakane;
- Attributable gold sales of 872,000 oz, up 1,000 oz from 2017;
- Cost of sales (1) of $815 per oz sold, up $32 per oz from 2017;
- All-in sustaining costs (2) of $1,057 per oz sold, within guidance and up 5 per cent from 2017;
- Total cash costs (2) of $793 per oz produced, up $38 per oz from 2017;
- Gold margin (2) of $477 per oz, down $29 per oz from 2017;
- Capital expenditures of $302.1-million, within guidance of $305-million (plus or minus 5 per cent).
Strategic developments
Reserves and resources:
- As at Dec. 31, 2018, attributable proven and probable gold reserves were 17.9 million ounces, up 23 per cent from the end of 2017. Attributable measured and indicated resources (including reserves) were 27.9 million ounces, and attributable inferred resources were 8.7 million ounces, up 13 per cent and down 1 per cent, respectively, from the end of 2017.
- At Essakane, the company announced a 39-per-cent increase in reserves with the conclusion of the heap leach project prefeasibility study.
- The company reported a 51-per-cent increase in reserves at Rosebel, with Saramacca accounting for nearly two-thirds of the 1.6-million-ounce increase on an attributable basis.
- The company announced an initial inferred mineral resource estimate at the Eastern Borosi joint venture project in Nicaragua.
- The company announced an initial inferred resource estimate at the Monster Lake joint venture comprising 1.1 million tonnes averaging 12.14 grams of gold per tonne for 433,300 ounces of contained gold.
- The company announced an initial resource estimate at its Gossey deposit, located approximately 15 kilometres northwest of its Essakane operation in Burkina Faso.
Development and operations:
- The company announced positive feasibility study results for the Cote gold project. On a 100-per-cent basis, proven and probable reserves total 7.3 million ounces, measured and indicated resources (including reserves) total approximately 10.0 million ounces, and inferred resources total 2.4 million ounces. Highlights of the extended mine plan included a mine life of 18 years with an average annual production of 372,000 ounces (years one to 15: averaging 407,000 ounces annually), life-of-mine average total cash costs of $606 per ounce produced and all-in sustaining costs of $703 per ounce sold. The extended mine plan would increase the base mine plan after-tax net present value by $110-million to $905-million, at a 5-per-cent discount rate, with an after-tax internal rate of return of 15.4 per cent and 4.4-year payback period. On Jan. 28, 2019, the company announced it would defer the construction decision on the Cote gold project pending improved and sustainable market conditions. The company plans to focus on further derisking the project in 2019 through the advancement of engineering, permitting and diamond drilling.
- The company announced positive feasibility study results for the Boto gold project. Highlights included reserves (100-per-cent basis) of 1.9 million ounces, a mine life of 12.8 years with average annual production of 140,000 ounces, and life-of-mine average total cash costs of $714 per ounce produced and all-in sustaining costs of $753 per ounce sold. The net present value, at a 6-per-cent discount rate, is $261-million, with an after-tax internal rate of return of 23 per cent and a 3.4-year payback period.
- The company received a notice of approval of the environmental and social impact assessment from the government of Senegal for the Boto gold project.
- The company received approval from the Suriname Ministry of Natural Resources to commence construction on the 18-kilometre-long section of the main Saramacca haul road outside of the Rosebel mineral lease.
- The company announced the completion of the 15-megawatt-peak solar power plant at Essakane, which is expected to save approximately six million litres of fuel per year and reduce carbon dioxide emissions by 18,500 tonnes annually. For the period ended Dec. 31, 2018, the company exceeded expectations, with Essakane saving approximately 3.9 million litres of fuel and reducing carbon dioxide emissions by approximately 12,000 tonnes over seven months of service.
Iamgold loses $398-million (U.S.) in 2019
2020-02-19 18:03 ET - News Release
Mr. Gordon Stothart reports
IAMGOLD REPORTS 2019 YEAR-END RESULTS
Iamgold Corp. has released its consolidated financial and operating results for the quarter and year ended Dec. 31, 2019.
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. For more information, refer to Iamgold's MD&A (management's discussion and analysis) and audited consolidated financial Statements for the year ended Dec. 31, 2019.
"Two thousand nineteen was a year of significant challenges for Iamgold. I would like to acknowledge the entire Iamgold team for how it addressed these challenges, including: realigning Westwood to suit its operating levels, working with our local stakeholders at Rosebel to address unauthorized mining and ensuring the safety of our team at Essakane," stated Gordon Stothart, president and chief operating officer. "We are committed to becoming a lower-cost and more geographically balanced producer within the next five years, while maintaining our culture of accountable mining through high standards of ESG [environmental, social and governance] practices -- in fact, 2019 was a record year for health and safety at Iamgold, demonstrating significant improvement over a decade. With these goals in mind, we continue to optimize and derisk our development projects, with Boto Gold's exploitation permit in hand and almost 50 per cent of Cote Gold's detailed engineering now complete."
Mr. Stothart continued: "With our strong balance sheet and pipeline of growth projects complementing our core operating assets, we are optimistic about the future at Iamgold. Following the institution of our self-funding model, we are making progress in generating positive cash flows on a consolidated basis. We continue to grow our resource base as a result of ongoing exploration success. We have announced promising exploration drilling results from district targets within our portfolio, including Gosselin, located just 1.5 kilometres from Cote, the Rouyn gold project, located near Westwood, and Karita in Guinea, which is on trend with Boto and Diakha-Siribaya."
2019 highlights:
- Attributable gold production was 762,000 ounces, cost of sales (1) was $950 per ounce, total cash costs (2) were $907 per ounce produced and all-in sustaining costs (2) were $1,124 per ounce sold.
- Attributable gold sales were 759,000 ounces at an average realized gold price (2) of $1,396 per ounce.
- Net loss from continuing operations attributable to equity holders was $373.3-million, or 80 cents per share. The net loss was primarily due to impairment charges, net of reversal ($287.8-million).
- Adjusted net loss including discontinued operations attributable to equity holders (2) was $18.3-million, or four cents per share (2), compared with adjusted net earnings (2) of $29.8-million, or six cents per share (2), in the prior year.
- Net cash from operating activities including discontinued operations was $363.0-million, up $171.9-million from the prior year.
- Net cash from operating activities including discontinued operations before changes in working capital (2) was $367.5-million, up $79.1-million from the prior year.
- Steady quarterly operating cash flow improvements throughout 2019.
- Cash, cash equivalents, short-term investments and restricted cash totalled $864.8-million at Dec. 31, 2019.
Strategic developments
Reserves and resources:
- Total attributable proven and probable gold reserves decreased by 6 per cent to 16.7 million ounces from the prior year. The decrease was primarily due to mine depletion at Essakane, Rosebel and Sadiola, and a reduction in estimated probable reserves at the Boto gold project.
- Total attributable measured and indicated resources decreased by 2 per cent to 27.2 million ounces, as a result of mine depletion, while total attributable inferred resources increased by 38 per cent to 12.0 million ounces, primarily as a result of the declaration of an initial mineral resource estimate for the Nelligan gold project in Canada, comprising inferred resources of 97.0 million tonnes grading 1.02 grams per tonne gold for 3.2 million ounces (on a 100-per-cent basis).
Exploration:
- Iamgold exercised its option to increase its undivided interest in the Nelligan gold project from 51 per cent to 75 per cent by completing a mineral resource estimate and making cash payments totalling $1.8-million ($2.35-million (Canadian)).
- Iamgold was awarded the "Discovery of the Year" at the Mining Exploration Association of Quebec's XPLOR 2019 awards gala for the Nelligan gold project.
Development and operations:
- During 2019, Iamgold's team achieved a DART (days away, restricted or transferred) rate (3) of 0.51, which was the best result achieved by Iamgold over the past 10 years.
- Iamgold announced updated production guidance for Westwood based on a preliminary life-of-mine plan. The guidance incorporated modified mining methods, operational practices and revised productivity assumptions, based on recent operating experience at the mine. As a result, Iamgold recognized an impairment charge of $395.0-million.
- Iamgold announced positive results from the carbon-in-leach (CIL) and heap leach feasibility study completed at Essakane: The feasibility study supported an investment in a mill optimization project to increase CIL plant capacity and the postponement of heap leach operations to the end of life of mine.
- Iamgold announced the delivery of the first ore from the Saramacca deposit to the mill at Rosebel. Development work on Saramacca continued with the haul road construction and bush clearing activities progressing, and deliveries of hauling and mining equipment continuing during the quarter.
- Mining activities resumed at Rosebel in all pits by October, 2019.
- The carbon-in-column plant at Rosebel, which became fully operational in the first quarter of 2019, produced an additional 2,000 ounces in the fourth quarter of 2019, for total year-to-date recoveries of 7,600 ounces.
- Iamgold continued to derisk the Cote gold project, having commenced site tree clearing activities, entered into an impacts and benefits agreement with first nations partners, and reached approximately 46-per-cent completion of the detailed project engineering at year-end.
- The completion of project design optimization studies continued to confirm robust project economics for the Boto gold project.
Financial:
- Iamgold, together with its joint venture partner AngloGold Ashanti Ltd. (AGA), entered into an agreement to sell its collective interests in Societe d'Exploitation des Mines d'Or de Sadiola SA (Sadiola) to Allied Gold Corp. for a cash consideration of $105.0-million. Iamgold and AGA each hold a 41-per-cent interest in Sadiola, with the remaining 18-per-cent interest held by the Government of Mali. As a result, Iamgold recognized total impairment charges of $45.7-million.
- Moody's Investor Services released its first assessment of corporate governance for the metals and mining sector, wherein Iamgold achieved the highest level (GA-1) based on adjusted scoring of 2.7. The corporate governance framework is a subset of Moody's initiative focusing on ESG governance reviews. The corporate governance framework comprises 168 questions reviewing ownership, compensation, board oversight, financial oversight and compliance reporting.
- Moody's Investors Service downgraded Iamgold's long-term corporate credit rating to B1 from Ba3 with a stable outlook. Moody's noted that the stable outlook benefited from cash in excess of debt and conservative financial policies.
- Iamgold participated in INV Metals' private placement of common shares and acquired an additional 13.9 million common shares of INV Metals at a price of 40 Canadian cents per share for a total amount of $4.2-million ($5.6-million (Canadian)). This acquisition allowed Iamgold to maintain a 35.6-per-cent ownership in INV Metals.
- In the second quarter of 2019, Iamgold executed a 20.5-million-euro ($23.3-million) equipment loan agreement with Caterpillar Financial Services Corp. with an interest rate of 5.23 per cent per year. The equipment loan, secured by certain mobile equipment at Essakane, matures on June 27, 2024, and is repayable in quarterly installments starting Sept. 27, 2019.
- In the first quarter of 2019, Iamgold entered into a forward gold sale arrangement with a syndicate of banks and received a cash prepayment of $169.8-million in December, 2019, in exchange for delivering 150,000 ounces of gold in 2022, with a gold floor price of $1,300 per ounce and a cap price of $1,500 per ounce, to provide additional financial flexibility as Iamgold executes its growth strategy. The cost of the arrangement is 5.38 per cent per year.
- In the first quarter of 2019, Iamgold, together with AGA, entered into an agreement with the government of Mali for the sale of the joint venture partners' combined 80-per-cent indirect interest in the Yatela mine for $1. The sale is subject to the fulfilment of certain conditions and a one-time payment of estimated rehabilitation, closure and social program costs of approximately $18.5-million.
Subsequent to the quarter: