GOLD: Iamgold produces 170,000 oz. in Q1, tweaks guidance due to COVID-19

[caption id="attachment_1003735348" align="aligncenter" width="600"] Rosebel mine site Credit: Iamgold[/caption] TORONTO – Miner Iamgold released its first quarter results, reporting production of 170,000 oz. at all-in sustaining costs of US$1,230 per oz. In the release, the company noted that while it did achieve its production targets for the quarter, output towards the end of the period was impacted due to the global pandemic. Due to the associated government directive, the company's Westwood underground mine in Quebec was placed on care and maintenance on Mar. 25 and subsequently restarted on Apr. 15 as the province revised its listing of essential businesses. At the Rosebel and Essakane mines, self-confinement measures remain in place but production was not affected. As a result of the COVID-19 pandemic, Iamgold also updated its 2020 guidance – the company now expects to produce a total of 685,000 oz. to 740,000 oz. of gold this year at AISCs of US$1,195 to US$1,245 per oz. This compares with prior guidance for 700,000 oz. to 760,000 oz. this year at AISCs of US$1,100 to US$1,150 per oz. Output forecasts for the Essakane open pit and Westwood mines appear most impacted by the coronavirus. The company’s forecasts for 2021 are unchanged, but under review - Iamgold currently expects to produce 760,000 oz. to 840,000 oz. next year. “Iamgold benefited from strong revenues on higher gold prices in the quarter, generating US$44 million in operating cash flow, notwithstanding the rapid onset of the COVID-19 crisis toward the end of the quarter,” Gordon Stothart, the company’s president and CEO, said in a release. At the pre-development Côté gold project in Ontario, where Iamgold has a 70% interest in a joint venture with Sumitomo Metal Mining, detailed engineering was 60% complete at the end of the quarter. Côté features total mineral reserves of 233 million tonnes grading 1 g/t gold for a total of 7.3 million oz. The company plans to spend US$45 million at the project this year. In addition, a technical report for the Westwood mine is expected by mid-year, which will include an updated mine plan for the operation. Dill programs are also progressing at the Nelligan, Monster Lake and Rouyn gold projects in Quebec, the Gosselin discovery within Côté as well as at the Karita gold discovery in Guinea. For more information, visit www.Iamgold.com.