| Iamgold cuts 2015 production forecast after seismic event at Quebec mine | |
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(Adds details from statement, shares) June 29 (Reuters) - Canadian miner Iamgold Corp cut its production forecast for the year, saying a "localized seismic event" in Quebec last month would reduce output from its Westwood mine by nearly half. The company on May 26 had said it had halted production at the mine, one of its smallest and newest mines that is still in ramp-up mode, after a rockfall. An initial assessment was inconclusive in assessing the impact on production, but further investigation showed the event would "have a more significant impact on 2015 production than originally indicated", Iamgold said a statement on Monday. The Toronto-based company said it expects the mine to produce 60,000 to 75,000 ounces in the year ending December, nearly half its previous forecast of 110,000 to 130,000 ounces. The company lowered its forecast for the year ending December to 780,000 to 815,000 ounces from 820,000 to 860,000 ounces. Production in the second quarter ending June is expected to be slightly below the 208,000 ounces produced in the first quarter, the company said. Iamgold said it expects the lower output to 'adversely' impact costs at the mine. The company's shares were down 2.8 percent at C$2.605 in early trading on the Toronto Stock Exchange. Through Friday, the stock had fallen nearly 38 percent in the last 12 months. (Reporting by Anannya Pramanick in Bengaluru; Editing by Savio D'Souza)
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IAMGOLD Corporation
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PRODUCER |
CODE : IMG.TO |
ISIN : CA4509131088 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
IAMGOLD is a gold producing company based in Canada. IAMGOLD produces gold, diamonds, lead, niobium, rare earth, silver and zinc in Botswana, in Canada, in Ecuador, in Ghana, in Guyana, in Indonesia, in Mali, in Peru, in South Africa, in Suriname and in Tanzania, develops gold in Burkina Faso, in Ecuador and in French Guyana, and holds various exploration projects in Canada, in Ecuador, in Honduras, in Peru and in South Africa. Its main assets in production are OMAI MINE in Guyana, MOUSKA MINE, PORCUPINE, SLEEPING GIANT, DOYON, NIOBEC and GRAND DUC in Canada, YATELA and SADIOLA in Mali, MUPANE in Botswana, DAMANG PROJECT, TARKWA and TEBEREBIE in Ghana, ROSEBEL in Suriname, ZARUMA in Ecuador, ARDO MINE in South Africa, BUCKREEF in Tanzania, RAWAS GOLD PROJECT in Indonesia and TAMBORAQUE in Peru, its main assets in development are ESSAKANE in Burkina Faso, CAMP CAIMAN in French Guyana and QUIMSACOCHA PROJECT in Ecuador and its main exploration properties are BAMBADJI in Senegal, TEX-SOL, LESPERANCE, CREVIER and WESTWOOD in Canada, ALAMOUTALA (SADIOLA II) and SIRIBAYA in Mali, GILT EDGE MINE & ANCHOR HILL in Ecuador, PODEROSA MINE in Peru and VUELTAS DEL RIO / EL ZAPOTAL in Honduras. IAMGOLD is listed in Australia, in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.3 billions as of today (US$ 1.7 billions, € 1.6 billions). Its stock quote reached its highest recent level on April 28, 2006 at CA$ 9.98, and its lowest recent point on September 30, 2022 at CA$ 1.27. IAMGOLD has 464 620 000 shares outstanding. |