{"id":1148600,"date":"2019-11-07T12:58:22","date_gmt":"2019-11-07T18:58:22","guid":{"rendered":"https:\/\/www.mining.com\/?p=1006294"},"modified":"2019-11-07T12:58:22","modified_gmt":"2019-11-07T18:58:22","slug":"iamgold-reports-solid-third-quarter-results-names-new-president","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1148600","title":{"rendered":"Iamgold reports \u2018solid\u2019 third quarter results, names new president"},"content":{"rendered":"<p>Iamgold (TSX: IMG) on Thursday reported its <a aria-label=\"consolidated financial and operating results (opens in a new tab)\" rel=\"noreferrer noopener\" href=\"https:\/\/www.iamgold.com\/English\/investors\/news-releases\/news-releases-details\/2019\/IAMGOLD-Reports-Solid-Third-Quarter-2019-Results-with-Pathway-to-Improved-Fourth-Quarter-Confirms-Cost-and-Production-Guidance\/default.aspx\" >consolidated financial and operating results<\/a> for the quarter ended September 30, during which the Toronto-based gold producer managed to increase operating cash flow by 28% over the previous quarter and 354% over the prior-year period.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The company, with mines operating in North and South America as well as West Africa, saw revenues rise to $274.4 million for the latest quarter, a 12% increase over the same quarter of last year. The revenue boost came from a higher gold price during the three-month period, offset by lower sales at its Westwood mine in Quebec, Rosebel mine in Suriname and Essakane mine in Burkina Faso.<\/p>\n<p>Gross profit improved to $22.8 million from $7.5 million a year earlier, while net loss was narrowed down to $3 million compared to a loss of $9.5 million.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p> The revenue boost came from a higher gold price during the three-month period, offset by lower sales at its Westwood mine in Quebec, Rosebel mine in Suriname and Essakane mine in Burkina Faso<\/p>\n<\/blockquote>\n<\/figure>\n<p>Attributable gold production, inclusive of joint venture operations, came in at 187,000 oz, down 21,000 oz from last year&#8217;s comparable quarter. The decrease in output was attributed to lower head grades and recoveries at Rosebel, which experienced a <a aria-label=\"temporary suspension of mining activities (opens in a new tab)\" href=\"https:\/\/www.mining.com\/iamgold-resumes-mining-at-gold-mine-in-suriname\/\"  rel=\"noreferrer noopener\">temporary suspension of mining activities<\/a>, as well as lower grades at Westwood, lower throughput and recoveries at Sadiola, and the end of operations at Yatela, both in Mali.<\/p>\n<p>Based on these results, Iamgold has confirmed its production and cost guidance for the fourth quarter this year. \u201cWe believe that the combination of strong Essakane performance, Saramacca ramp-up, stabilisation at Westwood, productivity improvements across all assets, and our exploration successes build the case for investment in Iamgold,&#8221; CEO Steve Letwin stated in the company&#8217;s Q3 release.<\/p>\n<p>He also noted that that the Essakane mine had contributed to a strong second half, Westwood was progressing and that Rosebel continued to ramp back up to normal operations.<\/p>\n<p>Meanwhile, the company has named Gordon Stothart as its new president. Stothart has been with Iamgold since late 2007 as executive VP and COO. Letwin will continue to serve as CEO.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Operating cash flow increased by 28% over the previous quarter and 354% over the prior-year period.<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148600"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/88"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1148600"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148600\/revisions"}],"predecessor-version":[{"id":1148605,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1148600\/revisions\/1148605"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1148600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1148600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1148600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}