Toronto, Canada — MININGREVIEW.COM — 06 August 2009 – Iamgold Corporation “’a leading mid-tier gold mining company listed on the Toronto, New York and Botswana stock exchanges “’ says this year’s second-quarter net income rose 33%, helped by a higher average realised gold price and lower average cash costs.
Releasing this news here, the Canadian-based company added that net earnings were US$44.1 million (R350 million), or 12 cents a share, compared with US$33.2 million (R260 million), or 11 cents a share, in the year-earlier period.
Excluding items, it earned US$53.4 million (R420 million), or 15 cents a share, up from a year-ago profit of US$33.2 million (R260 million), or 11 cents a share.
Analysts polled by Reuters had expected, on average, a profit of 10 cents a share before exceptional items.
Iamgold’s revenue was little changed at US$225.3 million (R1.81 billion), compared with US$225.1 million (R1.8 billion) a year earlier.
Gold production was 249 000 ounces at an average cash cost of US$437 per ounce, compared with production of 255 000 ounces at an average cash cost of US$472 per ounce in the second quarter of 2008
The average realised gold price in the quarter was US$898 per ounce, compared with US$878 a year earlier.