06:45 AM EST, 01/23/2024 (MT Newswires) -- National Bank overnight Monday said IAMGOLD Corp.(IAG) reported fourth-quarter 2023 operating results and ascribed a positive bias on higher-than-expected production from its mines.
The company reported fourth-quarter 2023 consolidated production of 136,000 ounces, beating National Bank's forecast.
Full-year 2023 production amounted to 465,000 ounces, exceeding the bank's forecast and approaching the top end of the guidance range.
Both Essakane and Westwood posted the strongest production quarters of the year, the bank said. Essakane reported 108,000 ounces while Westwood posted 28,000 ounces, both above the bank's estimates.
First production at Cote is on track for March, with commissioning and pre-commissioning activities underway. First mine rock is expected to be delivered to the crusher later this week.
The bank gave IAMGOLD(IAG) a sector perform rating with a $4 price target.