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IAMGOLD's Q1'16 output down YOY to 191,000 ounces

IAMGOLD Corp.said May 3 that its attributable gold production in the first quarter fell to 191,000ounces from 208,000 ounces in the year-earlier period, primarily due to lower gradesat its Rosebel mine,lower output at its Westwoodmine and joint ventures and decreased grades at Essakane.

Attributable gold sales also amounted to 191,000 ounces.

All-in sustaining costs were down 3% year over year at US$1,084per ounce of gold sold, due to a 12% drop in cash costs to US$746 per ounce sold,partially offset by an increase in sustaining capital and lower sales.

IAMGOLD's net earnings from continuing operations attributableto equity holders were US$53.1 million, reversing the US$16.5 million net loss theprevious year, primarily due to the gain on the sale of gold bullion.

Net cash improved to US$51.4 million from US$27.1 million.

The company maintained its production guidance of 770,000 ounces to 800,000 ounces ofgold at all-in sustaining costs of US$1,000 per ounce to US$1,100 per ounce.