IAMGOLD reports record gold production, confirms 2011 guidance
Toronto's IAMGOLD said it produced a record 310,000 attributable gold ounces in Q4 2010 and reaffirmed its 2011 guidance for both gold and niobium production.
Posted: Wednesday , 19 Jan 2011
RENO, NV -
Toronto's IAMGOLD reported record gold production of more than 310,000 attributable ounces during the fourth-quarter 2010, and total 2010 gold production at the high end of its forecast range of 940,000 to 970,000 ounces.
The company also reported 4.4 million kilograms of niobium at an average margin at the high end of the guidance range of $17 to $19 per kilogram for 2010, up from 4.1 million kilograms produced in 2009.
IAMGOLD confirmed its 2011 guidance of attributable gold production in the range of 1.1 million and 1.2 million ounces at a cash cost of $565 and $595 per ounce. The company also confirmed its 2011 guidance of between 4.7 million and 5 million kilograms of niobium at a margin of between $15 and $17 per kilogram.
Capital expenditures are budgeted at $460 million this year with the primary focus aimed at advancing and expanding the Rosebel gold mine in Suriname, the Essakane gold mine in Burkina Faso and the underground expansion of the Niobec niobium mine in Quebec. The capex also calls for the continued development of the Westwood gold project in Quebec for startup in 2013.
Westwood production is expected to begin in 2013 at an average of 186,000 gold ounces annually over a 16-year mine life.
The Rosebel expansion is primarily an optimization of the open-pit gold mine aimed at expanding annual gold production to 400,000 to 450,000 ounces.