IAMGOLD Corporation
IAMGOLD Corporation
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Canadian miner Iamgold has highlighted the potential for more growth after posting a 63% growth in gold resources at its Nelligan JV project in Quebec.
Based on infill drilling and refined deposit and structural models, the estimated NI 43-101 resources are now 72.2Mt @ 0.85g/t for 1.97Moz indicated and 114.1Mt @ 0.88g/t for 3.24Moz inferred.
The project 60km SW of Chibougamau in Quebec is held 75% by Iamgold and 25% by Vanstar Mining Resources.
IAMGOLD out of the blocks and running with Q1 22 gold production well up and profit where there used to be loss
International miners active in Burkina Faso say they are closely monitoring the evolving political situation in the West African country following the Jan 24 military coup that toppled President Roch Kaboré.
Like others, Canadian miner IAMGOLD says its long-lived 90%-owned Essakane mine 330km NE of Ouagadougou is continuing to operate unaffected, personnel are safe and its supply chains have not been impacted.
The benefits of a recent mill debottlenecking program at the Essakine mine in Burkina Faso has enabled Iamgold meet its full year guidance with attributable gold production of 601,000oz for the year to Dec 2021.
The result, compared to 653,000oz for FY2020, was near top of the Canadian miner’s 565,000-605,000oz forecast.
A mine employee and a contractor are missing after a convoy transporting staff and contractors to the Essakane gold mine in northern Burkina Faso operated by Canadian miner Iamgold was attacked on Friday.
Details are scarce but Iamgold says 33 people were travelling in three buses and three supply trucks on a road 12km from the mine. The search for the missing people is continuing.
Gunmen have attacked a convoy of IAMGOLD vehicles travelling to the Essakane Gold Mine in Burkina Faso, wounding a police officer before being repelled by the convoy's security detail, Reuters reports.
Following the attack, IAMGOLD suspended convoys to and from Essakane, the company's biggest operating mine.
IAMGOLD has had a tough June 2021 qtr (Q2 21) with attributable gold production from its 3 operations plunging to 139,000oz from Q1 21’s 156,000oz, big cuts flagged in FY/CY 21 output and a big increase in the costs estimate for its 70%-owned Côté Gold Project in Ontario, Canada.
On the production side, Q2 21 output from Rosebel, Suriname, nearly halved to 25,000oz from Q1 21’s 47,000oz, but Essakane, Burkina Faso, rose to 106,000oz from 102,000oz and Westwood, Canada, to 8,000oz from 7,000oz.
Lower impairment charges and a higher gold price have been the main drivers for IAMGOLD’s Dec 2020 year (FY/CY 20) net earnings jump to $US38.5M from FY/CY 19’s $373.3M loss, with adjusted net earnings up to $87.7M from a $30M loss.
The bottom line came despite revenues up 17% to $1,241.7M, primarily on the average realized gold price rising to $1,778oz from $1,397oz, but with net cash from operating activities down to $347.6M from $363M, while mine-site free cash flow rocketed to $223.2M from $58.7M.
IAMGOLD’s 4 operating gold mines on 3 continents have posted a $37M turnaround for the Sept 2020 qtr (Q3 20) to a net loss of $US11.6M from Q2 20’s $25.5M profit, primarily due to lower interest income, derivatives and other investments totalling $46.8M, along with COVID-19 expenses.
IAMGOLD and 30% JV partner Sumitomo Metal Mining have decided to proceed with the $US2.37B capex construction of the 6.61Moz over 18-year LoM Côté Gold Project in N Ontario, Canada.
The decision will enable a construction start in Q3 2020 with activities ramping up into Q4 2020 for commercial production in H2 FY/CY23.