IAMGOLD produces 653,000 ounces of gold, meets 2020 guidance

Image: Iamgold

IAMGOLD (TSX: IMG, NYSE: IAG) announced on Monday attributable gold production of 653,000 ounces in 2020, at the mid-point of guidance of 630,000 to 680,000 ounces.

The company reported attributable gold sales of 646,000 ounces for the year and 172,000 ounces for the fourth quarter, with total cash costs expected at the bottom end of guidance of $980 to $1,010 per ounce produced.

“Essakane had its strongest quarter at the end of the year, Rosebel production was up quarter-over-quarter and Westwood contributed by processing stockpile and Grand Duc open pit ore,” said Gordon Stothart, CEO of IAMGOLD.

$60 million is planned to be spent on the Boto Gold Project in Senegal

In December 2020, together with joint venture partner AngloGold Ashanti, the company announced the completion of the sale of the Sadiola gold mine, located in western Mali.

IAMGOLD expects an attributable gold production between 630,000 and 700,000 ounces in 2021, with all-in sustaining costs between $1,230 and $1,280 per ounce sold.

The company said it will focus on the exploration of a maiden resource at Gosselin zone, part of the Cote gold joint venture, and advancing the operational concept at Westwood underground mine in Quebec.

Additionally, $60 million is planned to be spent on the Boto Gold Project in Senegal, where IAMGOLD continues to advance de-risking activities, including construction of an all-year access road.

Midday Wednesday, IAMGOLD’s stock was up nearly 2% on the NYSE. The company has a $1.6 billion market capitalization.

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