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IAMGOLD shares pummeled after cutting FY'19 output guidance amid weaker Q2


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IAMGOLD shares pummeled after cutting FY'19 output guidance amid weaker Q2

In the second quarter, IAMGOLD Corp. reported a drop in attributable gold output to 198,000 ounces from 214,000 ounces a year ago, driven by lower head grades at its Essakane and Westwood mines.

Lower throughput and recoveries at Sadiola Hill also weighed on the results, according to an Aug. 7 release.

The company lowered its attributable gold production guidance for the 2019 full year, anticipating lower grades and because operations at its Rosebel mine in Suriname will be temporarily suspended to resolve security issues related to illegal mining. Shares were down more than 15% in midafternoon trades in New York on Aug. 8.

IAMGOLD now aims to produce between 765,000 ounces and 810,000 ounces at all-in sustaining costs, or AISC, of US$1,090 per ounce to US$1,130/oz, compared to the previous guidance of 810,000 ounces to 870,000 ounces at AISC of US$1,030/oz to US$1,080/oz.

Attributable gold sales for the June quarter decreased to 187,000 ounces from 215,000 ounces while AISC increased to US$1,132/oz from 1,077/oz a year ago due to higher cost of sales per ounce, partially offset by lower sustaining capital expenditures.

The company narrowed its attributable net loss to US$14.4 million, or 3 cents per share, from US$26.2 million, or 6 cents per share, posted a year ago due to a higher interest income, derivatives and other investment gains.