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IAMGOLD books record production at Essakane as Q4, FY'18 output remains steady

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IAMGOLD books record production at Essakane as Q4, FY'18 output remains steady

IAMGOLD Corp.'s attributable gold output in the fourth quarter of 2018 climbed 1.3% year on year to 231,000 ounces, according to preliminary figures released Jan. 16.

Full-year 2018 production remained steady at 882,000 ounces, near the high end of its guidance of 850,000 to 900,000 ounces.

IAMGOLD's full-year output includes record production from its 90%-owned Essakane project in Burkina Faso, which yielded 405,000 ounces, up 4.1% from 389,000 ounces in 2017.

Full-year gold sales totaled 872,000 ounces. Total cash costs are expected to reach the high end of guidance of between US$750 per ounce to US$800/oz produced.

All-in sustaining costs are anticipated near the high end of guidance of US$990/oz to US$1,070/oz sold. Capital expenditures are forecast to be in line with guidance of about US$305 million.

The company set a gold production guidance of between 810,000 and 870,000 ounces in 2019 to reflect an expected flat owner-operator production, the planned cessation of the Sadiola mine in Mali, the ongoing ramp-up at the Westwood mine in Quebec and increased output at the Rosebel mine in Suriname.

For 2019, IAMGOLD expects production at Essakane and Sadiola to be weaker than 2018 due to lower availability of high-grade zones and depleted oxide ore stockpiles, respectively.

Output at Rosebel is anticipated to increase due to higher grades, the inclusion of Saramacca ore in the second half and increased recoveries.