IAMGOLD Reports Q2 2021 Preliminary Results, Lowers Full-Year Production Guidance For Côté Gold Project

IAMGOLD Corporation (TSX: IMG) reported today the preliminary operating results for Q2 2021, highlighting a total attributable production of 139,000 gold ounces. This is a decrease from Q1 2021’s production of 156,000 gold ounces.

Due to lower production for the first half of the year, mainly due to results from Rosebel and Westwood sites, the company has adjusted its full-year 2021 production guidance for Côté Gold project to 565,000-605,000 ounces from 630,000-700,000 ounces. In the first six months of 2021, Rosebel and Westwood have produced 72,000 ounces and 15,000 ounces, respectively. These results are tracking short from the previous annual production guidance of 220,000-245,000 ounces for Rosebel and 45,000-65,000 ounces for Westwood.

However, the production guidance for the Essakane site has been increased to 390,000-400,000 ounces from 365,000-390,000 ounces. The site has produced a total of 208,000 ounces for this year so far.

On the other hand, the mining firm increased its guidance for the per-ounce costs of the project “to reflect the lower total attributable production guidance”. Cash costs guidance for the year has been increased to $1,115-$1,150 from $930-$980 per gold ounce sold while all-in sustaining costs guidance has been increased to $1,395-$1,435 from $1,230-$1,280 per gold ounce sold. Cash costs and AISC for Q2 2021 are $1,102 and $1,422 per gold ounce sold, respectively.

The updated fully-year guidance was devised with the assumption that the average realized gold price is at $1,745 per ounce.

IAMGOLD Corporation last traded at $3.54 on the TSX.

Information for this briefing was found via Sedar and IAMGOLD. 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.

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