On Wednesday, mid-tier gold miner IAMGOLD(IAG) announced production of 667,000 ounces in 2024, marking a 43% increase from the previous year. This performance met its revised guidance at a mid-point, owing to strong production at the Essakane mine in Burkina Faso and the Westwood and Ct Gold mine in Canada.
Essakane was the top producer, contributing 409,000 attributable ounces. While head grades decreased slightly in the latter half of the year, planned waste stripping positioned the mine for stable 2025 production of 360,000–400,000 ounces.
The Westwood complex in southwestern Qubec also exceeded expectations, producing 134,000 ounces and surpassing its guidance of 115,000–130,000 ounces.
Ct Gold, which poured its first gold on March 31, contributed 124,000 attributable ounces, as CEO Renaud Adams called the ramp-up "among the quickest" for a large-scale open-pit mine in Canada. Despite operational challenges, including a conveyor belt failure in December, the plant achieved several milestones, with periods of throughput exceeding nameplate capacity.
IAMGOLD (IAG) aims to stabilize operations in 2025, with Ct expected to double production to 250,000–280,000 ounces attributable by year-end as the mine targets its full design throughput of 36,000 tons per day.
Ct's output is the primary driver for higher expectations for 2025, set for 735,000–820,000 ounces. The company anticipates all-in-sustaining costs (AISC) of $1,625–$1,800 per ounce, with costs decreasing in the second half of the year as Ct achieves greater efficiency.
Naturally, Ct will be the firm's exploration focus in 2025. Out of the $38 million budget, $13 million will go to Ct's resource conversion and district-wide exploration. The rest will serve to further drill at Essakane and advance the Nelligan project, which sits in the historic Chibougamau camp in Qubec.
Despite a relatively low debt-to-equity ratio of 24.5%, IAMGOLD(IAG) manages capital expenditures carefully, including $290 million in sustaining capital and $20 million in expansion projects.
Key projects include installing an additional secondary crusher at Ct Gold and continued development at Westwood and Essakane.
After a successful 2024, IAMGOLD(IAG) is ready for more of the same. With Ct's advancement and strategic domestic exploration, the firm is well-positioned for growth toward one million ounces in attributable annual production within this decade.
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