Toronto, Canada — 14 May 2012 – Iamgold Corporation “’ a leading mid-tier gold mining company producing approximately 1Moz annually from five gold mines on three continents “’ reports that it is on track to meet its annual guidance despite a slow start in the first quarter of 2012.
In a statement issued here the company says that revenues from continuing operations were US$404.2 million compared to US$414.0 million in the first quarter of 2011. Net earnings from continuing operations attributable to equity shareholders were US$119.2 million (US$0.32 per share) compared to US$133.2 million (US$0.36 per share) the previous year.
It adds that the operating cash flow from continuing operations before changes in working capital was US$185.7 million (US$0.49 per share) compared to US$214.5 million (US$0.57 per share) during the first quarter of 2011.
On the production front, attributable gold output fell 11% to 207,000oz in the first quarter, and mining costs including depreciation, depletion and amortisation rose about 3% to US$215.6 million.
“We had a good start to 2012 and are on track to meet our annual guidance for production and cash costs,” said Iamgold president and CEO Steve Letwin.
“We finished the first quarter strongly at our two flagship operations, with attributable production in March of over 32,000oz at Rosebel and over 30,000oz at Essakane,” he added.
“Both mines are running well and meeting the objectives of their mine plans.”
Source: Iamgold Corporation. For more information, click here.