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Friday, 30th January 2009 (1314 views)

Iamgold has announced that its gold production rose by three per cent over 2008 to 997,000 ounces

The Canadian company predicted that cash costs for the year will be below its most recent forecast of $480 (£335) to $490 per ounce of gold.

Iamgold stated that attributable gold production at its Rosebel mine increased by 20 per cent last year compared with 2007 to 315,000 ounces.

Joseph Conway, Iamgold president and chief executive, commented: "We had an exceptional year at our operations, with gold production of almost one million ounces, exceeding our initial guidance by about eight per cent."

However, the firm has warned that gold production may dip slightly during 2009 as a result of lower grades at its Sadiola and Mupane mines to 880,000 ounces at an average cost of $470 to $480 an ounce.

Mid-tier gold producer Iamgold produces almost one million ounces of gold from seven mines on three continents and is aiming to reach gold production of 1.8 million ounces by 2012.

The company's activities are focused in west Africa, the Guiana Shield of South America and Quebec, Canada.

 

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