UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2019
Commission File Number: 001-31528
IAMGOLD Corporation
(Translation of registrant's name into English)
401 Bay Street Suite 3200, PO Box 153
Toronto, Ontario, Canada M5H 2Y4
Tel: (416) 360-4710
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
[ ] Form 20-F [ x ] Form 40-F
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Note: Regulation S-T Rule
101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely
to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Note: Regulation S-T Rule
101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrants
home country), or under the rules of the home country exchange on which the
registrants securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been distributed to the
registrants security holders, and, if discussing a material event, has already
been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes [ ]
No [ x ]
If "Yes" is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b): 82- ________
SUBMITTED HEREWITH
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
IAMGOLD CORPORATION |
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(Registrant) |
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Date: May 6, 2019 |
By: |
/s/ Tim Bradburn |
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Tim Bradburn |
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Title: |
Vice President, Legal and Corporate Secretary |
NEWS RELEASE
IAMGOLD REPORTS FIRST QUARTER 2019 RESULTS;
REINFORCING OUR SELF-FUNDING MODEL
All monetary amounts are expressed in U.S. dollars, unless
otherwise indicated.
For more information, refer to the
Management Discussion and Analysis (MD&A) and Unaudited Consolidated
Interim Financial Statements for the three months ended March 31,
2019.
Toronto, Ontario, May 6, 2019 - IAMGOLD
Corporation ("IAMGOLD" or the "Company") reported its consolidated financial
and operating results for the quarter ended March 31, 2019.
"Despite a challenging first quarter, we are driving towards
achieving a self-funded, self-sustaining operating model," commented Steve
Letwin, President and CEO of IAMGOLD, "This encompasses our goal to reduce costs
and increase margins, preserve cash, fund site capital expenditures within site
cash flows, and work safely and responsibly. At Essakane, we had strong
production and cash flow generation and are optimizing performance through
de-bottlenecking and other projects. At Rosebel, we reported significant reserve
growth extending the mine life, with Saramacca first production planned in the
second half of 2019. At Westwood, we have a long-life production asset in a
transition year, with mine redesign in progress. Production remains on track for
the year, with the first half lighter than the balance of the year, as
anticipated, and we reinforce our 2019 annual production guidance. Our
exploration successes highlight the district potential of each of our major
sites and projects. Our balance sheet is strong, and we continue to exercise
prudence in our allocation of capital. We remain committed to our goal of
delivering shareholder value in 2019 and well beyond."
First Quarter 2019 Highlights
- Attributable gold production of 185,000 ounces at cost of sales1
per ounce of $962, total cash costs2 per ounce produced of
$884 and all-in sustaining costs2 per ounce sold of $1,086.
Attributable gold sales of 190,000 ounces at an average realized gold price
per ounce of $1,308.
- Revenues of $251.0 million.
- Net loss attributable to equity holders of $41.3 million, or $0.09 per
share.
- Adjusted net loss attributable to equity holders2 of $2.2
million, or $nil per share2.
- Net cash from operating activities of $8.8 million.
- Net cash from operating activities before changes in working capital2
of $33.8 million.
- Cash, cash equivalents, short-term investments, and restricted cash totaled
$696.6 million at March 31, 2019. Cash and cash equivalents were $589.2
million, short term investments, primarily in money market funds, were $83.8
million and restricted cash was $23.6 million.
Strategic Developments
Financial
- We entered into a forward gold sale arrangement ("Arrangement") with a
syndicate of banks to receive a cash prepayment of $170 million in December
2019 in exchange for delivering 150,000 ounces of gold in 2022, with a gold
floor price of $1,300 per ounce and a cap price of $1,500 per ounce, to
provide additional financial flexibility as we execute our growth strategy.
The cost of the Arrangement is 5.38% per annum.
- IAMGOLD, together with AngloGold Ashanti Limited, entered into an agreement
with the Government of Mali for the sale of the joint venture partners
combined 80% indirect interest in the Yatela mine for $1. The sale is subject
to the fulfillment of certain conditions and a one-time payment of estimated
rehabilitation, closure and social program costs of approximately $18.5
million.
Reserves and Resources
- On January 30, 2019, we reported a 57% increase in resources at the
Diakha-Siribaya Gold Project in Mali based on an updated resource estimate as
at December 31, 2018, comprising 18.0 million tonnes of indicated resources
grading 1.28 g/t Au for 744,000 ounces and 23.2 million tonnes of inferred
resources grading 1.58 g/t Au for 1.2 million ounces.
- On March 26, 2019, we announced that a new gold discovery, referred to as
the Gosselin Zone, has been identified approximately 1.5 kilometres northwest
of the Côté Gold deposit. Drilling highlights included: 350 metres grading
0.81 g/t Au; 132.3 metres grading 1.13 g/t Au; 139.7 metres grading 1.36 g/t
Au.
Operations and Development
- We received notice of approval of its Environmental and Social Impact
Assessment from the Government of Suriname for the Saramacca Project.
- Development activities at the Saramacca Project continued to advance with a
primary focus on the haul road construction to enable the operation to deliver
ore to the Rosebel mill in the second half of 2019.
- The carbon-in-column ("CIC") plant at Rosebel, designed to improve
recoveries, was commissioned and became fully operational, producing an
additional 2,200 ounces in the first quarter 2019.
- The oxygen plant at Essakane, designed to improve recoveries by 0.5%, was
commissioned.
- Following the completion of a feasibility study in the fourth quarter 2018,
IAMGOLD has continued to optimize the design elements of the Boto Gold Project
development, maintained stakeholder engagement and commenced a drilling
program.
- On January 28, 2019, we announced that we deferred a decision to proceed
with the construction of the Côté Gold Project in Canada.
Upcoming Growth Catalysts
- Development of Saramacca continues on schedule, with production expected to
begin in the second half of 2019.
- At Rosebel, a scoping study is underway to evaluate the underground mining
potential of Saramacca, which could result in higher grades and significantly
lower waste volumes, thereby reducing costs.
- We continue to advance exploration activities along the
Saramacca-Brokolonko trend in Suriname to confirm the presence of
mineralization and evaluate the resource potential.
- The Carbon-in-Leach and Heap Leach feasibility study at Essakane is
progressing well and is expected to be completed in the second quarter 2019.
- Discussions with the Government of Senegal on obtaining a mining concession
for the Boto Gold Project are well advanced, with approval expected in the
second half of 2019.
- We are studying various design approaches to Westwood with a preliminary
life of mine plan expected in the fourth quarter 2019, followed by a NI 43-101
compliant plan in the first half 2020.
- A delineation diamond drilling program to support an initial mineral
resource estimate for the Nelligan Project in Quebec commenced during the
first quarter 2019.
2
SUMMARY
OF FINANCIAL AND OPERATING RESULTS |
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Three months
ended March 31, |
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Financial Results ($ millions, except where noted)
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2019 |
|
|
2018 |
|
Revenues |
$ |
251.0 |
|
$ |
314.5 |
|
Cost of sales |
$ |
251.9 |
|
$ |
238.7 |
|
Gross profit (loss) |
$ |
(0.9 |
) |
$ |
75.8 |
|
Net earnings (loss) attributable to equity
holders of IAMGOLD |
$ |
(41.3 |
) |
$ |
42.3 |
|
Net earnings (loss) attributable to equity holders
($/share) |
$ |
(0.09 |
) |
$ |
0.09 |
|
Adjusted net earnings (loss) attributable
to equity holders of IAMGOLD1 |
$ |
(2.2 |
) |
$ |
40.4 |
|
Adjusted net earnings (loss) attributable to equity
holders ($/share)1 |
$ |
|
|
$ |
0.09 |
|
Net cash from operating activities |
$ |
8.8 |
|
$ |
106.0 |
|
Net cash from operating activities before changes in
working capital1 |
$ |
33.8 |
|
$ |
119.6 |
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Key Operating Statistics |
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Gold sales attributable (000s oz) |
|
190 |
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|
235 |
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Gold production attributable (000s oz)
|
|
185 |
|
|
229 |
|
Average realized gold price1
($/oz) |
$ |
1,308 |
|
$ |
1,331 |
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Cost of sales2 ($/oz) |
$ |
962 |
|
$ |
741 |
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Total cash costs1 ($/oz) |
$ |
884 |
|
$ |
737 |
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All-in sustaining costs1 ($/oz)
|
$ |
1,086 |
|
$ |
953 |
|
Gold margin1 ($/oz) |
$ |
424 |
|
$ |
594 |
|
1 |
This is a non-GAAP measure. Refer to the non-GAAP
performance measures section of the MD&A. |
2 |
Cost of sales, excluding depreciation, as disclosed in
note 29 of the Company's consolidated interim financial statements is on
an attributable ounce sold basis (excluding the non-controlling interests
of 10% at Essakane and 5% at Rosebel) and does not include Joint Ventures
which are accounted for on an equity basis. |
FIRST QUARTER 2019
SUMMARY |
|
Financial Performance |
- Revenues for the first quarter 2019 were $251.0 million, down $63.5 million
or 20% from the same prior year period. The decrease was primarily due to
lower sales volume at Essakane ($28.9 million), Westwood ($26.4 million), and
Rosebel ($3.4 million), combined with a lower realized gold price ($4.4
million).
- Cost of sales for the first quarter 2019 was $251.9 million, up $13.2
million or 6% from the same prior year period. The increase was due to higher
operating costs ($10.7 million) and higher depreciation expense ($4.3
million), partially offset by lower royalties ($1.8 million). Operating costs
were higher primarily due to lower capitalized stripping and higher
maintenance costs at Essakane and increased mining and milling volumes at
Rosebel, partially offset by a stronger U.S. dollar relative to the euro and
the Canadian dollar.
- Depreciation expense for the first quarter 2019 was $68.6 million, up $4.3
million or 7% from the same prior year period. The increase was primarily due
to the timing of capital additions, partially offset by an increase in
reserves at Essakane and Rosebel.
- Income tax expense for the first quarter 2019 was $1.4 million, down $10.4
million in the same prior year period. Income tax expense for the first
quarter 2019 comprised current income tax expense of $9.7 million (March 31,
2018 - $22.5 million) and deferred income tax recovery of $8.3 million (March
31, 2018 - $10.7 million). The decrease in income tax expense was primarily
due to changes to deferred income tax assets and liabilities, differences in
the impact of fluctuations in foreign exchange, and differences in the level
of taxable income in IAMGOLD's operating jurisdictions from one period to the
next.
- Net loss attributable to equity holders for the first quarter 2019 was
$41.3 million, or $0.09 per share, compared to net earnings of $42.3 million,
or $0.09 per share in the same prior year period. The decrease was primarily
due to lower gross profit ($76.7 million) and higher other expenses ($17.3
million) which included an impairment charge of $12.5 million and
restructuring costs at Westwood of $3.2 million, partially offset by lower
income taxes ($10.4 million).
3
- Adjusted net loss attributable to equity holders2 was $2.2
million, or $nil per share2, compared to adjusted net
earnings2 of $40.4 million, or $0.09 per share2 in the
same prior year period.
- Net cash from operating activities for the first quarter 2019 was $8.8
million, down $97.2 million from the same prior year period. The decrease was
due to lower earnings after non-cash adjustments ($74.8 million), higher
movements in non-cash working capital items and non-current ore stockpiles
($11.1 million), higher income taxes paid ($9.5 million) and lower net
settlement of derivatives ($2.7 million), partially offset by net cash used in
operating activities related to closed mines ($0.9 million).
- Net cash from operating activities before changes in working capital2
for the first quarter 2019 was $33.8 million, down $85.8 million from
the same prior year period.
- We ended the quarter in a strong financial position, with cash, cash
equivalents, short-term investments primarily in money market funds and
restricted cash were $696.6 million at March 31, 2019, down $61.4 million from
December 31, 2018. The decrease was primarily due to spending on property,
plant and equipment ($69.7 million), partially offset by cash generated from
operating activities ($8.8 million).
- Attributable gold production, inclusive of joint venture operations, was
185,000 ounces for the first quarter 2019, down 44,000 ounces from the same
prior year period. The decrease was primarily due to the impact of increased
seismicity at Westwood in December 2018 (25,000 ounces), lower head grades and
throughput at Essakane (19,000 ounces) and lower head grades at the Joint
Ventures (3,000 ounces), partially offset by higher recoveries at Rosebel
(3,000 ounces).
- Attributable gold sales, inclusive of joint venture operations, were
190,000 ounces for the first quarter 2019, down 45,000 ounces from the same
prior year period. The decrease was due to lower sales at Essakane (20,000
ounces), Westwood (19,000 ounces), Rosebel (3,000 ounces) and the Joint
Ventures (3,000 ounces).
- Cost of sales1 per ounce for the first quarter 2019 was $962, up
30% from the same prior year period primarily due to the impact of lower sales
volumes at Essakane and Westwood.
- Total cash costs2 per ounce produced for the first quarter 2019
were $884, up 20% from the same prior year period. The increase was primarily
due to the impact of lower production volumes. Included in total cash
costs2 for the first quarter 2019 was a reduction of $61 per ounce
produced reflecting the reduction of costs attributed to inventory to
normalize for the amount of fixed overhead on a per unit basis as a
consequence of abnormally low production at Westwood (2018 - $nil) and
realized derivative gains from hedging programs of $2 per ounce produced (2018
- $11).
- All-in sustaining costs2 per ounce sold for the first quarter
2019 were $1,086, up 14% from the same prior year period. The increase was
primarily due to higher cost of sales per ounce, partially offset by lower
sustaining capital expenditures. Included in all-in sustaining costs2
for the first quarter 2019 was a reduction of $60 per ounce sold
reflecting the reduction of costs attributed to inventory to normalize for the
amount of fixed overhead on a per unit basis as a consequence of abnormally
low production at Westwood (2018 - $nil) and realized derivative gains from
hedging programs of $2 per ounce sold (2018 - $13).
2019
Guidance |
(Refer to MD&A for more
detail) |
The Company maintains its full-year 2019 production guidance of
810,000 to 870,000 attributable ounces and its guidance for all-in sustaining
costs2 per ounce sold of $1,030 to $1,080. The Company also maintains
its full-year guidance for cost of sales per ounce of $790 to $840 and total
cash costs2 per ounce produced of $765 to $815, but notes that a
number of cost and productivity improvement initiatives are underway to mitigate
the risk that these two targets may not be achieved by the end of the year.
Guidance will be reviewed in the second quarter 2019 and updated as necessary.
Gold production at Westwood is expected to improve starting in the second
quarter 2019 compared to the first quarter, and is expected to be strongest in
the fourth quarter.
4
Commitment to
Zero Harm Continues |
The DART rate3, representing the frequency of all
types of serious injuries across all sites and functional areas for the first
quarter 2019 was 0.58, below IAMGOLD's target of 0.63. Unfortunately, the health
and safety performance of IAMGOLD was affected by a fatality of a contractor at
the Essakane mine in the first quarter 2019 due to an equipment fire. Zero Harm
remains IAMGOLD's number one priority. We are implementing several initiatives,
including a behaviour-based safety program, to ensure a safer work environment.
ATTRIBUTABLE GOLD PRODUCTION AND COSTS
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Total Cash
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All-in Sustaining |
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Gold Production
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Cost of
Sales1 |
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Costs2 |
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Costs2 |
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(000s oz)
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($ per ounce)
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($ per ounce
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($ per ounce
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produced) |
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sold) |
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Three months ended March 31, |
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2019 |
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2018 |
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2019 |
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2018 |
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2019 |
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2018 |
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2019 |
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2018 |
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Owner-operator |
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Essakane (90%) |
|
90 |
|
|
109 |
|
$ |
896 |
|
$ |
712 |
|
$ |
883 |
|
$ |
665 |
|
$ |
1,010 |
|
$ |
914 |
|
Rosebel (95%) |
|
68 |
|
|
65 |
|
|
889 |
|
|
798 |
|
|
901 |
|
|
829 |
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|
1,064 |
|
|
914 |
|
Westwood (100%)3 |
|
15 |
|
|
40 |
|
|
1,549 |
|
|
719 |
|
|
858 |
|
|
716 |
|
|
1,192 |
|
|
873 |
|
Owner-operator4
|
|
173 |
|
|
214 |
|
$ |
962 |
|
$ |
741 |
|
$ |
888 |
|
$ |
725 |
|
$ |
1,103 |
|
$ |
955 |
|
Joint Ventures |
|
12 |
|
|
15 |
|
|
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|
|
828 |
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|
904 |
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|
838 |
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|
924 |
|
Total operations |
|
185 |
|
|
229 |
|
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|
$ |
884 |
|
$ |
737 |
|
$ |
1,086 |
|
$ |
953 |
|
Cost of sales1 ($/oz) |
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|
|
|
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$ |
962 |
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$ |
741 |
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Cash costs, excluding
royalties |
|
|
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$ |
822 |
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$ |
678 |
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Royalties |
|
|
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62 |
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59 |
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Total cash costs2 |
|
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|
$ |
884 |
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$ |
737 |
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All-in sustaining costs2 |
|
|
|
|
|
|
|
|
|
|
|
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|
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|
$ |
1,086 |
|
$ |
953 |
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1 |
Cost of sales, excluding depreciation, as disclosed in
note 29 of the Company's consolidated interim financial statements is on
an attributable ounce sold basis (excluding the non-controlling interests
of 10% at Essakane and 5% at Rosebel) and does not include Joint Ventures
which are accounted for on an equity basis. |
2 |
This is a non-GAAP measure. Refer to the non-GAAP
performance measures section of the MD&A. Consists of Essakane,
Rosebel, Westwood and the Joint Ventures on an attributable
basis. |
3 |
Costs of sales per ounce sold for Westwood does not
include the impact of normalization of costs for the three months ended
March 31, 2019 of $60 per ounce (2018 - $nil). |
4 |
Owner-operator all-in sustaining costs include corporate
general and administrative costs. Refer to all-in sustaining costs
reconciliation on page 26 of the MD&A. |
OPERATIONS
ANALYSIS BY MINE SITE |
Essakane Mine - Burkina Faso (IAMGOLD interest
- 90%)
Attributable gold production for the first quarter 2019 of
90,000 ounces was lower by 17% compared to the same prior year period primarily
due to lower head grades and throughput. Ore feed for the first quarter 2019 was
primarily sourced from lower grade zones relative to higher grades realized in
the same prior year period. Mill throughput was unfavourably impacted in the
first quarter 2019 by coarser mill feed and lower mill availability due to the
timing of mill maintenance. The oxygen plant was commissioned during the quarter
and the optimization of oxygen injection is ongoing. The oxygen plant is
expected to increase recoveries by 0.5% through improved leach kinetics and to
improve the efficiency of the circuit by reducing reagent consumption. Despite
this, production for the quarter was adversely impacted by lower recoveries as
the mine sequenced through more graphitic zones.
Total material mined in the first quarter 2019 was lower
compared to the same prior year period primarily due to lower equipment
availability. Essakane commissioned six haul trucks and one wheel dozer in March
2019 with an additional haul truck and two excavators expected to be
commissioned in the second quarter 2019. The new equipment is expected to
increase hauling capacity, improve equipment availability and reduce reliance on
the contracted mining fleet in future periods. Ore mined in the first quarter
2019 was higher compared to the same prior year period due to mining and
stockpiling of lower grade ore to support the construction of a proposed heap
leach facility at the end of carbon-in-leach ("CIL") operations.
5
The CIL and Heap Leach feasibility study progressed well during
the quarter and is expected to be completed in the second quarter 2019. The
feasibility study is expected to support an investment in mill optimization
through a de-bottlenecking project and the postponement of the higher capital
Heap Leach Project to the end of CIL operations. The Mill De-Bottlenecking
Project is a lower capital intensive option and could increase CIL plant
throughput to 13.5 million tonnes per annum at 100% hard rock which is
significantly higher than the current capacity of 12 million tonnes per annum at
100% hard rock and the original nameplate capacity of 10.8 million tonnes per
annum at 100% hard rock. The CIL crushing circuit would be used for the heap
leach process at the end of CIL operations.
Cost of sales of $896 per ounce sold and total cash costs of
$883 per ounce produced for the first quarter 2019 were higher by 26% and 33%,
respectively compared to the same prior year period primarily due to the impact
of lower sales and production volumes. Essakane also continued to face cost
pressures with rising energy costs which were partially mitigated by the supply
of energy from the solar plant and IAMGOLD's hedging program. Operating costs
were higher primarily due to increased mining equipment maintenance, however a
stronger U.S. dollar relative to the euro for the quarter helped to alleviate
the impact of these cost pressures.
All-in sustaining costs of $1,010 per ounce sold for the first
quarter 2019 were higher by 11% compared to the same prior year period primarily
due to higher cost of sales per ounce, partially offset by lower sustaining
capital expenditures. Included in total cash costs and all-in sustaining costs
for the first quarter 2019 was the impact of realized derivative gains from
hedging programs of $3 per ounce produced and $3 per ounce sold, respectively
(2018 - $18 and $21).
Sustaining capital expenditures for the first quarter 2019 of
$10.2 million included capital spares of $2.5 million, mobile equipment of $2.4
million, capitalized stripping of $1.6 million and various other sustaining
capital expenditures of $3.7 million. Non-sustaining capital expenditures of
$20.2 million included capitalized stripping of $8.8 million, tailings liners
and dams of $6.9 million, mobile equipment of $3.4 million and CIL and Heap
Leach feasibility study of $1.1 million.
Outlook
We expect attributable production at Essakane in 2019 to be in
the range of 375,000 and 390,000 ounces. Capital expenditures are expected to be
approximately $125 million, consisting of $55 million in sustaining and $70
million in non-sustaining capital expenditures.
Rosebel Mine - Suriname (IAMGOLD interest
- 95%)
Attributable gold production of 68,000 ounces in the first
quarter 2019 was 5% higher compared to the same prior year period primarily due
to recoveries. The CIC plant became fully operational in January 2019, which had
a favourable impact on recoveries with an additional 2,200 ounces recovered from
tailings in the quarter. The plant has been installed between the two existing
ponds at the Rosebel tailings management facility and will be used to passively
treat tailings decant water to recover residual gold that is present in the
solution. The plant is currently on track to exceed the minimum expected
recovery of 5,000 ounces annually at a marginal operating cost of approximately
$35 per ounce to cover additional power and elution costs.
Development work on Saramacca continued during the quarter,
targeting the commencement of production in the second half of 2019.
Construction of the 18 kilometre haul road from Rosebel to Saramacca and the 5
kilometre long section on the Rosebel mineral lease continued during the
quarter. In addition, deliveries for the hauling fleet from orders placed in
2018 are on track to commence in the second quarter 2019. The Environmental and
Social Impact Study ("ESIA") was approved on January 17, 2019, allowing for the
commencement of infrastructure construction, which is expected in the second
quarter 2019.
Rosebel is also conducting a scoping study to evaluate the
underground mining potential of Saramacca which could result in higher grades
and substantially reduced waste stripping costs. Saprolite mining in the initial
years is expected to continue as planned with future potential for underground
mining once hard rock is reached. Diamond drilling to support this study
commenced in the quarter and work to continue defining the mineral resource is
ongoing.
6
Cost of sales of $889 per ounce sold and total cash costs of
$901 per ounce produced for the first quarter 2019 were higher by 11% and 9%,
respectively, compared to the same prior year period. Operating costs were
higher, driven by an increase in mining and milling volumes with harder rock in
addition to higher local labour cost following the finalization of the
Collective Labour Agreement in the third quarter 2018. However, Rosebel did see
a decline in energy costs combined with lower light fuel consumption resulting
from shorter hauling distances to the mill, despite higher mine production.
All-in sustaining costs of $1,064 per ounce sold for the first
quarter 2019 were 16% higher compared to the same prior year period primarily
due to higher cost of sales per ounce and higher sustaining capital
expenditures. Included in total cash costs and all-in sustaining costs for the
first quarter 2019 was the impact of realized derivative gains from hedging
programs of $1 per ounce produced and $1 per ounce sold, respectively (2018 - $5
and $4).
Sustaining capital expenditures for the first quarter 2019 of
$11.1 million included capital spares of $4.6 million, mill equipment of $1.9
million, capital stripping of $1.5 million, and various other sustaining capital
expenditures of $3.1 million. Non-sustaining capital expenditures for the first
quarter 2019 of $9.2 million related to the Saramacca Project.
Outlook
We expect attributable production at Rosebel in 2019 to be in
the range of 315,000 and 330,000 ounces. Capital expenditures are expected to be
approximately $145 million, consisting of $70 million in sustaining and $75
million in non-sustaining capital.
Westwood Mine - Canada (IAMGOLD interest
- 100%)
Gold production for the first quarter 2019 of 15,000 ounces was
63% lower than the same prior year period as the mine assessed and adjusted
stope sequences to address increased seismic activity in localized areas in the
fourth quarter 2018 impacting production. The risk of seismicity varies
according to the geometry of the openings and mining sequence. To manage this,
we are studying various design approaches to Westwood with a preliminary life of
mine ("LOM") plan expected in the fourth quarter 2019, followed by a NI 43-101
compliant plan in the first half of 2020. To ensure that mining is both
profitable and safe, we expect that the steady state production level for the
mine may be lower than prior ramp-up target levels.
We continue to adjust mining methods, ground support and safety
protocols to address seismic activity, with the commissioning of additional
equipment capable of operating remotely in challenging areas. Mine production
activities are limited on the affected levels until an updated risk mitigation
plan can be formalized. Mining has been expanded in unaffected areas which
contain lower grade stopes and is expected to increase in the second quarter
2019 as areas with lower seismic risk are accessed for production.
On March 19, 2019, we announced a 32% reduction in the mine
workforce. The decision resulted from both planned reductions due to the current
stage of mine development as well as a realignment of costs with reduced
production levels, with a cash-flow neutral position projected for 2019. IAMGOLD
remains committed to the development of the Westwood mine and is taking these
actions to optimize the future development of the resource that is both safe and
profitable.
Despite heading closures in respect of seismic protocol,
underground development continued at planned rates in the first quarter 2019 to
open up access to new mining areas with lateral development of approximately
2,500 metres, averaging 28 metres per day. To aid in the continuation of
underground development while respecting safety protocols in place for mining in
areas where seismicity is present, three units of bolting equipment received in
2018 which are designed to manage seismic exposure were commissioned during the
quarter. Infrastructure development continued in future development blocks at
lower levels.
In accordance with International Financial Reporting Standards,
we reduced the cash costs and depreciation attributed to inventory for the first
quarter 2019 by $11.3 million and $5.0 million, respectively (2018 - $nil and
$nil) to normalize for the amount of fixed overhead on a per unit basis as a
consequence of abnormally low production. We reduced total cash costs and all-in
sustaining costs for the first quarter 2019 by $778 per ounce produced and $610
per ounce sold, respectively (2018 - $nil and $nil).
7
Cost of sales per ounce sold for the first quarter 2019 of
$1,549 were 115% higher compared to the same prior year period primarily due to
lower sales volume. Total cash costs per ounce produced, which included the
impact of normalization, was 20% higher compared to the same prior year period.
All-in sustaining costs per ounce sold for the first quarter
2019 of $1,192 were higher compared to the same prior year period by 37%
primarily due to higher cost of sales per ounce, partially offset by the impact
of cost normalization and lower sustaining capital expenditures. Included in
total cash costs and all-in sustaining costs for the first quarter 2019 was the
impact of realized derivative gains from currency hedging programs of $2 per
ounce produced and $2 per ounce sold, respectively (2018 - $8 and $11).
Sustaining capital expenditures for the first quarter 2019 of $4.7 million
included deferred development of $3.0 million, underground equipment of $1.3
million, and underground construction of $0.4 million. Non-sustaining capital
expenditures for the first quarter 2019 of $7.9 million included deferred
development of $4.9 million, underground construction of $1.2 million,
development drilling of $1.0 million and other non-sustaining capital
expenditures of $0.8 million.
Outlook
We expect production at Westwood in 2019 to be in the range of
100,000 and 120,000 ounces as mining and development activities continue to
progress as the new life of mine is being developed, while respecting safety
protocols for areas where seismicity is present. Capital expenditures are
expected to be approximately $45 million, consisting of $15 million in
sustaining and $30 million in non-sustaining capital.
Sadiola Mine - Mali (IAMGOLD interest
- 41%)
Attributable gold production for the first quarter 2019 of
12,000 ounces was lower by 20% compared to the same prior year period primarily
due to lower head grades as a result of greater drawdowns of marginal ore
stockpiles. Total cash costs per ounce produced and all-in sustaining costs per
ounce sold for the first quarter 2019 were lower compared to the same prior year
period as a result of lower mining costs and greater utilization of marginal
stockpiles due to the cessation of mining activity in the second quarter 2018.
An agreement with the Government of Mali, on terms for investment in the Sadiola
Sulphide Project, must be reached in order to prevent the operation from
entering a phase of suspended exploitation (care and maintenance), once
processing of the ore stockpiles is complete. Processing of the ore stockpiles
is expected to be completed in the second half of 2019. While this agreement has
not yet been reached, IAMGOLD and AngloGold Ashanti, who collectively own an 82%
interest in Sadiola, have initiated a process to identify third parties that may
be interested in acquiring their collective interest in Sadiola. The process is
at a preliminary stage and there is no certainty of its outcome.
Yatela Mine - Mali (IAMGOLD interest
- 40%)
The Yatela mine had limited production and sales for the first
quarter 2019, consistent with the same prior year period. A limited quantity of
production continues from rinsing of the leach pads.
On 14 February 2019, Sadiola Exploration Limited ("SADEX"), the
entity jointly held by AngloGold Ashanti Limited and IAMGOLD Corporation,
entered into a share purchase agreement with the Government of Mali, whereby
SADEX agreed to sell to the Government of Mali its 80% participation in Société
dExploitation des Mines dOr de Yatela S.A. ("Yatela"), for a consideration of
$1. The transaction remains subject to the fulfillment of a number of conditions
precedent, among which the adoption of two laws, confirming the change of status
of Yatela to a state entity, and also the creation of a dedicated state agency,
notably in charge of mine rehabilitation and closure. As part of the
transaction, and upon its completion, SADEX will make a one-time payment of
approximately $18.5 million to the said state agency, in an amount corresponding
to the estimated costs of completing the rehabilitation and closure of the
Yatela mine, and also financing certain outstanding social programs. Upon
completion and this payment being made, SADEX and its affiliated companies will
be released of all obligations relating to the Yatela mine including those
relating to rehabilitation, mine closure and the financing of social programs.
8
Côté Gold Project, Canada
The Côté Gold Project is a 70:30 joint venture between the
operator IAMGOLD and Sumitomo Metal Mining Co., Ltd. ("SMM").
As at December 31, 2018, the Côté Gold Project hosted (all
figures quoted on a 100% basis) estimated mineral reserves comprising proven and
probable reserves of 233.0 million tonnes grading 0.97 g/t Au for 7.3 million
ounces. Measured and indicated resources (inclusive of reserves) were estimated
at 355.4 million tonnes grading 0.87 g/t Au for 10.0 million ounces. Inferred
resources were estimated at 112.8 million tonnes grading 0.67 g/t Au for 2.4
million ounces (see news releases dated November 1, 2018 and February 19,
2019).
In January 2019, we announced a deferral of the decision to
proceed with the construction of the Côté Gold Project (see news release
dated January 28, 2019).
During the quarter, we reported diamond drilling results from
its 2017-2018 exploration diamond drilling program which has identified a new
intrusive-hosted gold discovery, referred to as the Gosselin Zone, located
approximately 1.5 kilometres northwest of the Côté Gold deposit. Drilling
highlights included: 350 metres grading 0.81 g/t Au; 132.3 metres grading 1.13
g/t Au; 139.7 metres grading 1.36 g/t Au (see new release dated March 26,
2019). We completed approximately 4,500 metres of diamond drilling during
the first quarter to follow up these encouraging results.
Boto - Senegal
As at December 31, 2018, the Boto Gold Project hosted estimated
mineral reserves comprising probable reserves totaling 35.1 million tonnes
grading 1.71 g/t Au for 1.9 million ounces, on a 100% basis. In addition,
indicated resources, inclusive of reserves, were estimated at 48.0 million
tonnes grading 1.61 g/t Au for 2.5 million ounces and inferred resources at 2.5
million tonnes grading 1.80 g/t Au for 144,000 ounces, on a 100% basis (see
news releases dated October 22, 2018 and February 19, 2019). As planned for
2019, we continue to optimize aspects of the project design, including an
infrastructure condemnation drilling program, as part of finalizing the ultimate
development plan.
With the completion of the feasibility study and submission of
an application for a mining concession in the fourth quarter 2018, we continue
to optimize the design elements of the Boto Gold Project development, maintained
stakeholder engagement, and commenced a drilling program with approximately
5,000 metres of diamond and reverse circulation ("RC") drilling completed during
the first quarter 2019. The drilling program is targeting potential resource
expansion and delineation adjacent to the design pit (see news release dated
October 22, 2018).
We were active at brownfield and greenfield exploration
projects in nine countries located in West Africa and the Americas.
In the first quarter 2019, expenditures for exploration and
project studies totaled $13.2 million compared to $20.5 million in the same
prior year period, of which $8.9 million was expensed and $4.3 million was
capitalized. IAMGOLD's accounting policy is to expense exploration costs and
capitalize costs of evaluating the technical feasibility and commercial
viability of extracting a mineral resource, including those on or adjacent to
existing mine sites. The decrease of $7.3 million in total exploration
expenditures compared to the same prior year period primarily reflects decreased
spending on feasibility and other studies. Drilling activities on active
projects and mine sites totaled approximately 78,400 metres for the first
quarter 2019.
|
|
Three months ended March 31, |
|
($ millions)
|
|
2019 |
|
|
2018 |
|
Exploration projects - greenfield |
$ |
7.6 |
|
|
$ 8.5 |
|
Exploration
projects - brownfield1 |
|
5.0 |
|
|
5.1
|
|
|
|
12.6 |
|
|
13.6 |
|
Feasibility and
other studies |
|
0.6 |
|
|
6.9
|
|
|
$ |
13.2 |
|
$ |
20.5 |
|
1 |
Exploration projects - brownfield for 2019 and 2018
excluded expenditures related to Joint Ventures of $nil and $0.2 million,
respectively, and included near-mine exploration and resource development
of $2.9 million and $3.2 million, respectively. |
9
BROWNFIELD EXPLORATION PROJECTS
Our mine and regional exploration teams continued to conduct
systematic brownfield exploration and resource development work during the first
quarter 2019 at the Essakane, Rosebel and Westwood operations.
Essakane, Burkina Faso
As at December 31, 2018, we reported total estimated
attributable proven and probable reserves at Essakane, including heap leach
reserves of 133.9 million tonnes grading 0.89 g/t Au for 3.9 million ounces.
Total attributable resources comprised measured and indicated resources
(inclusive of reserves) of 155.7 million tonnes grading 1.0 g/t Au for 4.8
million ounces with attributable inferred resources totaling 12.4 million tonnes
grading 1.1 g/t Au for 423,000 ounces. At the nearby Gossey satellite deposit,
located approximately 15 kilometres northwest of the Essakane operation,
attributable mineral resources comprised 9.4 million tonnes of indicated
resources grading 0.87 g/t Au for 262,000 ounces and 2.6 million tonnes of
inferred resources grading 0.91 g/t Au for 77,000 ounces (see news release
dated February 19, 2019).
During the first quarter 2019, the feasibility study to
de-bottleneck and optimize the performance of the CIL mill continued. Drilling
programs were also finalized during the quarter with drilling activities
scheduled to begin in the second quarter 2019. The drilling programs are
primarily focused on resource expansion and conversion to replace depletion from
mining activities in 2019 at the Essakane Main Zone ("EMZ"), as well as to
evaluate the resource potential of soft oxide mineralization southeast of the
EMZ and at the Tassiri satellite prospect.
In 2019, approximately 24,000 metres of diamond and RC drilling
is planned to support the ongoing feasibility study, target resource expansions
and continue exploration of high priority targets on the mine lease and
surrounding concessions.
Rosebel, Suriname
As at December 31, 2018, we reported total estimated
attributable proven and probable reserves at Rosebel, including the Saramacca
deposit, of 141.5 million tonnes grading 1.0 g/t Au for 4.6 million ounces.
Total attributable measured and indicated resources (inclusive of reserves)
increased to 296.4 million tonnes grading 0.9 g/t Au for 9.1 million ounces and
attributable inferred resources totaled 69.4 million tonnes grading 0.9 g/t Au
for 1.9 million ounces (see news release dated February 19, 2019).
Development activities at the Saramacca Project continued to
advance during the first quarter with a primary focus on the haul road
construction to enable the operation to deliver ore to the Rosebel mill starting
in the second half of 2019. Technical and engineering studies also continued
during the quarter, including pit slope design improvements, metallurgical
testing to further optimize recoveries and site infrastructure engineering.
The near-mine and regional exploration programs continue to
focus on evaluating potential resource expansions and exploration targets in the
vicinity of existing operations. During the first quarter 2019, approximately
8,800 metres of diamond drilling were completed to test for resource expansions
at and along trend of the Saramacca deposit, including evaluating mineralization
at depth which may support an underground mining scenario; and a further 2,300
metres of condemnation RC drilling was completed in the vicinity of the Rosebel
Pit.
Westwood, Canada
During the first quarter 2019, underground excavation totaled
2,507 metres of lateral and vertical development. In addition, approximately
19,000 metres of resource development diamond drilling and 3,100 metres for
service holes were completed during the quarter. The diamond drilling program
continues to focus on infill drilling of known zones to upgrade existing
inferred mineral resources and advance resource definition in areas to be mined.
A substantial diamond drilling program of over 65,000 metres of definition
drilling is planned for 2019.
GREENFIELD EXPLORATION PROJECTS
In addition to the near-mine and brownfield exploration
programs described above, we conducted active exploration and drilling programs
on a number of early to advanced stage greenfield exploration projects during
the first quarter 2019. Highlights included:
10
Wholly-Owned
Projects
Diakha-Siribaya - Mali
During the quarter, we reported the results of an updated
mineral resource estimate incorporating drill results to the end of 2018.
Effective December 31, 2018, total mineral resources, on a 100% basis, comprised
indicated resources of 18.0 million tonnes grading 1.3 g/t Au for 744,000
ounces, and inferred resources of 23.2 million tonnes grading 1.6 g/t Au for 1.2
million ounces (see news releases dated January 30 and February 19,
2019).
During the first quarter 2019, approximately 2,100 metres of RC
drilling were completed to infill and expand resources at the Diakha deposit. A
drilling program totaling approximately 10,000 metres is planned in 2019 to
continue to test for resource expansions as well as to test other identified
exploration targets.
Joint Venture Projects
Following are the highlights for our joint venture exploration
projects. The agreements are typically structured in a way that gives us the
option of increasing our ownership interest over time, with the decision
dependent upon the exploration results as time progresses.
Nelligan - Canada (Option Agreement with
Vanstar Mining Resources Inc.)
The Nelligan Project, located approximately 15 kilometres south
of the Monster Lake Project in the Chapais - Chibougamau area in Quebec, is held
under an earn-in option to joint venture agreement with Vanstar Mining Resources
Inc. ("Vanstar"). We currently hold an initial 51% interest in the property, and
hold an option to earn a further 29% undivided interest, for a total 80%
undivided interest in the Project (see Vanstar news release dated February
27, 2018).
During the first quarter 2019, we announced the remaining assay
results from its 2018 diamond drilling program designed to evaluate the resource
potential of the recently discovered Renard Zone. The drilling program continued
to intersect wide zones of alteration and associated mineralization. Highlights
included: 3.59 g/t Au over 42.1 metres; 5.69 g/t Au over 27.8 metres and 2.35
g/t Au over 40.4 metres (see news release dated January 10, 2019).
A diamond drilling program commenced during the first quarter
with approximately 12,800 metres completed. The program is designed to infill
and further test continuity of mineralization associated with the Renard Zone.
The drilling results, coupled with ongoing geological, geochemical and
structural studies, will be integrated to support the development and refinement
of a deposit model with the objective of completing an initial NI 43-101
compliant resource estimate in the second half of 2019.
Rouyn - Canada (Option Agreement with Yorbeau
Resources Inc.)
In the fourth quarter 2018, we entered into an option purchase
agreement with Yorbeau Resources Inc. ("Yorbeau") for the Rouyn Gold Project,
located near the city of Rouyn-Noranda in Quebec. Under the terms of the
purchase agreement, we can acquire a 100% interest in the Project by making
scheduled cash payments totaling C$4 million and completing exploration
expenditures totaling C$9 million over a four year period. By the end of the
expenditure period, we must complete a NI 43-101 compliant resource estimate,
after which we can, at our election, purchase a 100% interest in the Project,
subject to a 2% net smelter return, by paying Yorbeau the lesser of C$15 per
resource ounce or C$30 million.
During the first quarter 2019, approximately 12,200 metres of
diamond drilling was completed as part of a delineation drilling program to
evaluate the resource potential of the Lac Gamble zone. Results will be reported
as they are received, validated and compiled.
End Notes (excluding tables)
1 |
Cost of sales, excluding depreciation, as disclosed in
note 29 of the Company's consolidated interim financial statements is on
an attributable ounce sold basis (excluding the non-controlling interests
of 10% at Essakane and 5% at Rosebel) and does not include Joint Ventures
which are accounted for on an equity basis. |
2 |
This is a non-GAAP measure. Refer to the reconciliation
in the non-GAAP performance measures section of the MD&A. |
3 |
The DART refers to the number of days away, restricted
duty or job transfer incidents that occur per 100
employees. |
11
CONFERENCE CALL
A conference call will be held on Tuesday, May 7, 2019 at 8:30
a.m. (Eastern Standard Time) for a discussion with management regarding
IAMGOLD's 2019 first quarter operating performance and financial results. A
webcast of the conference call will be available through IAMGOLD's website -
www.iamgold.com.
Conference Call Information: North America Toll-Free:
1-800-319-4610 or International Number: 1-604-638-5340.
A replay of this conference call will be accessible for one
month following the call by dialing: North America toll-free: 1-800-319-6413 or
International Number: 1-604-638-9010, passcode: 3040#.
12
CAUTIONARY STATEMENT ON
FORWARD-LOOKING
INFORMATION
All information included in this news release, including any
information as to the Companys future financial or operating performance, and
other statements that express managements expectations or estimates of future
performance, other than statements of historical fact, constitute
forward-looking information or forward-looking statements and are based on
expectations, estimates and projections as of the date of this news release. For
example, forward-looking statements contained in this news release are found
under, but are not limited to being included under, the headings "Upcoming
Growth Catalysts", "First Quarter 2019 Summary", "Development Projects", and
"Exploration", and include, without limitation, statements with respect to: the
Companys guidance for production, cost of sales, total cash costs, all-in
sustaining costs, depreciation expense, effective tax rate, capital
expenditures, operations outlook, development and expansion projects,
exploration, the future price of gold, the estimation of mineral reserves and
mineral resources, the realization of mineral reserve and mineral resource
estimates, the timing and amount of estimated future production, costs of
production, permitting timelines, currency fluctuations, requirements for
additional capital, government regulation of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage. Forward-looking statements are provided for
the purpose of providing information about managements current expectations and
plans relating to the future. Forward-looking statements are generally
identifiable by, but are not limited to, the use of the words "may", "will",
"should", "continue", "expect", "budget", "forecast", "anticipate", "estimate",
"believe", "intend", "plan", "schedule", "guidance", "outlook", "potential",
"seek", "targets", "strategy" or "project" or the negative of these words or
other variations on these words or comparable terminology. Forward-looking
statements are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties and contingencies
and, as such, undue reliance must not be placed on them. The Company cautions
the reader that reliance on such forward-looking statements involve risks,
uncertainties and other factors that may cause the actual financial results,
performance or achievements of IAMGOLD to be materially different from the
Companys estimated future results, performance or achievements expressed or
implied by those forward-looking statements. Forward-looking statements are in
no way guarantees of future performance. These risks, uncertainties and other
factors include, but are not limited to, changes in the global prices for gold,
copper, silver or certain other commodities (such as diesel and electricity);
changes in U.S. dollar and other currency exchange rates, interest rates or gold
lease rates; risks arising from holding derivative instruments; the level of
liquidity and capital resources; access to capital markets, and financing;
mining tax regimes; ability to successfully integrate acquired assets;
legislative, political or economic developments in the jurisdictions in which
the Company carries on business; operating or technical difficulties in
connection with mining or development activities including geotechnical
difficulties and seismicity; laws and regulations governing the protection of
the environment; employee relations; availability and increasing costs
associated with mining inputs and labour, negotiations with respect to new,
reasonable collective labour agreements may not be successful which could lead
to a strike or work stoppage in the future, and any such strike or work stoppage
could have a material adverse effect on the Company's earnings and financial
condition; the speculative nature of exploration and development, including the
risks of diminishing quantities or grades of reserves; adverse changes in the
Companys credit rating; contests over title to properties, particularly title
to undeveloped properties; the ability to deliver gold as required under forward
gold sale arrangements; the rights of counterparties to terminate forward gold
sale arrangements in certain circumstances, the inability to participate in any
gold price increase above the cap in any collar transaction entered into in
conjunction with a forward gold sale arrangement, such as the collar entered
into in conjunction with the gold sold forward in January of 2019; and the risks
involved in the exploration, development and mining business. Risks and unknowns
inherent in IAMGOLD's operations and projects include the inaccuracy of
estimated reserves and resources, metallurgical recoveries, capital and
operating costs, and the future price of gold. Exploration and development proje
cts have no operating history upon which to base estimates of future cash flows.
The capital expenditures and time required to develop new mines or other
projects are considerable, and changes in costs or construction schedules can
affect project economics. Actual costs and economic returns may differ
materially from IAMGOLDs estimates or IAMGOLD could fail to obtain the
governmental approvals necessary for the continued development or operation of a
project.
For a comprehensive discussion of the risks faced by the
Company, and which may cause the actual financial results, operating performance
or achievements of IAMGOLD to be materially different from the Companys
estimated future results, operating performance or achievements expressed or
implied by forward-looking information or forward-looking statements, please
refer to the Companys latest Annual Information Form ("AIF"), filed with
Canadian securities regulatory authorities, at www.sedar.com, and filed under
Form 40-F with the United States Securities Exchange Commission, at
www.sec.gov/edgar.shtml. The risks described in the AIF (filed and viewable on
www.sedar.com and www.sec.gov/edgar.shtml, and available upon request from the
Company) are hereby incorporated by reference into this news release.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new information,
future events or otherwise except as required by applicable law.
Qualified Person Information
The technical information relating to exploration activities
disclosed in this news release was prepared under the supervision of, and
reviewed and verified by, Craig MacDougall, P.Geo., Senior Vice President,
Exploration, IAMGOLD. Mr. MacDougall is a Qualified Person as defined by
National Instrument 43-101.
About IAMGOLD
IAMGOLD (www.iamgold.com) is a mid-tier mining company
with four operating gold mines on three continents. A solid base of strategic
assets in North and South America and West Africa is complemented by development
and exploration projects and continued assessment of accretive acquisition
opportunities. IAMGOLD is in a strong financial position with extensive
management and operational expertise.
13
For further information please contact:
Indi Gopinathan, Investor Relations Lead, IAMGOLD
Corporation
Tel: (416) 360-4743 Mobile: (416) 388-6883
Martin Dumont, Senior Analyst, Investor
Relations, IAMGOLD Corporation
Tel: (416) 933-5783 Mobile: (647)
967-9942
Toll-free: 1-888-464-9999 info@iamgold.com
Please note:
This entire news release may be accessed via fax, e-mail,
IAMGOLD's website at www.iamgold.com and through Newsfile's website at
www.newsfilecorp.com. All material information on IAMGOLD can be found at
www.sedar.com or at www.sec.gov.
Si vous désirez obtenir la version française de ce communiqué
de presse, veuillez consulter le
http://www.iamgold.com/French/accueil/default.aspx.
14
This regulatory filing also includes additional resources:
exhibit99-1.pdf
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