Thursday, 11th August 2005 (2658 views)

Iamgold has announced a fourfold rise in earnings for the second quarter of 2005.

Its profits for the three-months to June 30th stood at $2.4 million, compared to just $600,000 for the same period of 2004.

The Canadian gold producer attributed this trend to record production at its Tarkwa mine in Ghana, in addition to a lack of the transaction costs which hampered its profits last year.

The mid-sized gold miner has also increased its stake of gold production in West Africa and from 108,000 ounces last year to 114,000 ounces.

However gold production costs have risen by 13 per cent to $275 for an ounce of gold.


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