HomeGoldIamgold triples earnings

Iamgold triples earnings

Aerial view of
Iamgold’s Mupane
mine in Botswana
Toronto, Canada — MININGREVIEW.COM — 05 November 2009 – Iamgold Corporation “’ a leading mid-tier gold mining company listed on the Toronto and New York stock exchanges “’ says its third-quarter earnings have more than tripled, driven by lower mining costs and a higher realised gold price.

An interim statement issued here revealed that net income in the quarter ended 30September had risen to US$64.9 million (R519 million), or 18 cents a share, up from US$18.8 million (R150 million), or 6 cents a share, a year earlier. Quarterly revenue had risen 4% to US$235.2 million (R1.9 billion).

Earlier this month, Iamgold increased its 2009 gold production forecast, due to increased productivity at its Rosebel mine in Suriname and the extended life of its Doyon mine in Quebec.

The company “’ which has over a dozen mines, exploration projects and development projects spread across North America, South America and Africa “’ said it now expected full year 2009 capital expenditures of US$422.1 million (R3.5 billion), down slightly from the previous estimate of US$448.4 million (R3.6 billion).

Iamgold said it had US$466.7 million (RR3.7 billion) in available funds, and is well funded for the development and exploration of its current portfolio of gold projects.