Preliminary results are in for IAMGOLD’s (TSX: IMG) fourth quarter, with the company reportedly achieving the midpoint of its production guidance for 2024.
Collectively, IAMGOLD reported that the company produced 667,000 ounces of gold in 2024, versus prior revised guidance of 625,000 to 715,000 ounces.
The majority of production came from Essakane and Westwood, which collectively produced 543,000 ounces of gold, exceeding estimates of 495,000 to 540,000 ounces. Cash costs for the two means are expected to come in at the lower end of previously issued guidance.
Cote Gold meanwhile saw 124,000 attributable ounces of production for the full year, which came in below guidance of 130,000 to 175,000 ounces. Production at the mine is expected to double in 2025 as ramp up continued into year end, with the plant operating at 87% of nameplate capacity in December over a two week period prior to a split in a conveyor belt occurring.
IAMGOLD also stated that record revenues are expected for the full year, with annual gold sales of 654,000 ounces of gold at an average price of $2,326 per ounce.
READ: IAMGOLD Extends Westwood Complex Life Of Mine To 2032
In the fourth quarter, Cote Gold produced 62,000 attributable ounces, while Essakane produced 80,000 ounces and Westwood produced 35,000 ounces. Gold sales for the quarter totaled 177,000 ounces at an average price of $2,509 per ounce.
Looking to 2025, IAMGOLD is guiding to attributable gold production of 735,000 to 820,000 ounces, which will be driven by the ramp up of operations at Cote Gold. Cash costs are expected to be between $1,200 to $1,350 per ounce, while all in sustaining costs are forecasted to be between $1,625 and $1,800 per ounce sold.
Sustaining capital costs for 2025 are estimated at $290 million, while expansion capital is estimated at $20 million.
IAMGOLD is scheduled to release its full 2024 financial results on February 20, 2025 after the close of markets.
IAMGOLD last traded at $7.89 on the TSX.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
