IAMGOLD Corporation Surpassed Production Target in 2020

SEATTLE (Scrap Monster):  Toronto, Ontario-based IMGOLD Corporation announced preliminary operating results for Q4 and full-year 2020, as well as guidance for 2021.

The attributable gold production of 653,000 ounces in 2020 was at the mid-point of guidance of 630,000 to 680,000 ounces. The Q4 production totalled 169,000 ounces. The company reported attributable gold sales of 646,000 for the full year 2020 and 172,000 ounces for the fourth quarter alone. It expects all-in sustaining costs (AISC) at the low end of the guidance of $1,240 to $1,270 per ounce sold. The company exited the year with approximately $950 million in cash on hand.

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IMGOLD expects attributable gold production in 2021 to range between 630,000 and 700,000 ounces. Further it foresees cost of sales and total cash costs between $980 and $1,030 per ounce sold and between $930 and $980 per ounce produced respectively. The AISC is projected in the range $1,230-$1,280 per ounce sold. The company’s capital expenditure for 2021 is projected at around $710 million.

Gordon Storthart, President and CEO, IAMGOLD Corporation noted that the company achieved target production and cost guidance in 2020, in the face of varied challenges throughout the year, mainly driven by boosted production from Essakane and Rosebel. The company aims to transform itself into a lower cost producer of over one million ounces of annual production within the next two-and-a-half years, he added.