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IAMGOLD improves Q2 gold output by 13%, swings to profit

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IAMGOLD improves Q2 gold output by 13%, swings to profit

IAMGOLD Corp.'s attributable gold output rose 13% year over year to 223,000 ounces in the second quarter, on the back of a continued ramp-up at Westwood and higher throughput at Essakane.

Revenue in the quarter climbed up to US$274.5 million, from US$232.5 million, as gold sales rose to 219,000 ounces, from 187,000 ounces a year earlier.

Cost of sales declined to US$767 per ounce, down 5% a yearly basis, and all-in sustaining costs declined 12% to US$975 per ounce, according to Aug. 9 results.

The company posted net earnings of US$506.5 million for the quarter, swinging from a year-ago net loss of US$12.2 million, driven primarily by impairment charge reversals at its Cote project and Rosebel mine.

IAMGOLD maintained its attributable full-year production forecast of between 845,000 and 885,000 ounces of gold.