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IAMGOLD Q2 gold output slips YOY on mill maintenance at Rosebel, Essakane ops

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IAMGOLD Q2 gold output slips YOY on mill maintenance at Rosebel, Essakane ops

IAMGOLD Corp. said Aug. 8 that attributable gold production in the second quarter slipped to 214,000 ounces, from 223,000 ounces in the year-ago period.

The drop in output was attributed to lower throughput at the Rosebel mine in Suriname and the Essakane mine in Burkina Faso resulting from a planned mill maintenance, as well as lower head grades at the Westwood mine in Quebec, but partially offset by higher throughput at its joint venture operations.

In the three months ended June 30, production at the 95%-owned Rosebel mine fell to 70,000 ounces of gold at all-in sustaining costs of US$1,035 per ounce sold, with the Essakane mine's output dropped to 97,000 ounces of gold at AISC of US$1,003 per ounce sold. The Westwood mine's output also decreased to 31,000 ounces of gold at AISC of US$1,129 per ounce sold.

Group AISC increased to US$1,077 per ounce of gold sold, rising from US$975 per ounce of gold sold a year earlier.

Attibutable gold sales in the three-month period dropped to 215,000 ounces, with average realized prices up to US$1,299 per ounce.

The Canadian gold miner swung a net loss of US$26.2 million in the three months ended June 30, from a net profit of US$506.5 million. Revenue during the period slightly rose to US$277.4 million, from US$274.5 million a year earlier.

For the half-year, attributable gold production increased to 443,000 ounces, from 437,000 ounces in the prior year, with group AISC increasing to US$1,012 per ounce of gold sold.

Sales for the six months totaled 450,000 ounces at higher average realized prices of US$1,316 per ounce, compared to 431,000 ounces and US$1,241 per ounce in the first half of 2017.

Meanwhile, IAMGOLD added Ronald Gagel as a director to its board.