IAMGOLD Delivers Exceptional Operating and Exploration Performance in 2017 With Significant Growth Catalysts Ahead in 2018

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Overig advies 18/01/2018 07:15
All 2017 numbers are preliminary and unaudited and subject to final adjustment.
All amounts are expressed in US dollars, unless otherwise indicated.

TORONTO, Jan. 16, 2018 /CNW/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") today announced preliminary operating results for 2017 and guidance for 2018.

"As indicated by the preliminary numbers, we had another year of solid operating performance," said IAMGOLD's President and CEO, Steve Letwin. "Annual production of 882,000 ounces was at the top end of our target range, all-in sustaining costs are expected at the low end of guidance, and we ended the year with $1 billion in liquidity. In 2017 we achieved milestones that have ignited our major growth projects, and now as we head into 2018 it's all about execution. Our capital spending plan this year includes the development of Saramacca, the heap leaching project at Essakane, and the Côté Gold feasibility study. Our continued success in building our growth pipeline is expected to drive production to 1.2 to 1.3 million ounces by 2022, with all-in sustaining costs below $850 an ounce."

Performance Highlights for 2017
•Attributable gold production of 882,000 ounces; at the top end of guidance of 845,000 to 885,000 ounces; fourth quarter production of 228,000 ounces.
•Attributable gold sales expected to be approximately 870,000 ounces.
•Total cash costs1 expected at mid-point of guidance of $740 to $780 per ounce.
•All-in sustaining costs1 expected at low end of guidance of $1,000 to $1,040 per ounce.
•Significant increase in reserves at Rosebel and Côté Gold and a maiden resource at Saramacca
•Capital expenditures in line with guidance of $225 million.
•Cash taxes expected to be approximately $50 million.
•Approximately $790 million in cash, cash equivalents and money market investments as at December 31, 2017.
Guidance Highlights for 2018
•Attributable gold production between 850,000 and 900,000 ounces.
•Cost of sales between $765 and $815 per ounce.
•Total cash costs between $750 and $800 per ounce.
•All-in sustaining costs between $990 and $1,070 per ounce.
•All-in sustaining costs and cash costs per ounce expected to trend downwards in second half.
•Exploration continues to target additional resources at Saramacca, Essakane, Boto, Siribaya, Monster Lake, Nelligan and Eastern Borosi.
•Capital expenditures of $365 million ±5%, with sustaining capital at a level consistent with 2017 and non-sustaining capital higher mainly due to the development of Saramacca and Essakane's heap leaching project.

1 Non-GAAP measure.

2017 PRELIMINARY OPERATING RESULTS

Full year attributable production of 882,000 ounces was at the top end of guidance of 845,000 to 885,000 ounces, with production from owner-operator sites exceeding guidance and Essakane achieving record production. Attributable gold production for the fourth quarter 2017 was 228,000 ounces.

The following table presents attributable production by operating site:

Attributable Gold Production
(000s oz) Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017
Guidance Owner-Operator
Essakane (90%) 93 101 93 102 389 370-380
Rosebel (95%) 74 74 75 79 302 295-305
Westwood (100%) 30 33 33 29 125 115-125

Total Owner-Operator 197 208 201 210 816 780-810
Joint Ventures 17 15 16 18 66 65-75
TOTAL 214 223 217 228 882 845-885

Total cash costs for 2017 are expected to be at the mid-point of guidance of $740-$780 an ounce, and all-in sustaining costs are expected to be at the low end of guidance of $1,000 to $1,040 an ounce.

2018 PRODUCTION AND COST GUIDANCE
Full Year Guidance12018
Essakane (000s oz)380 – 395
Rosebel (000s oz)295 – 310
Westwood (000s oz)125 – 135
Total owner-operator production (000s oz)800 – 840
Sadiola Joint Venture (000s oz)50 – 60
Total attributable production (000s oz)850 – 900
Total cost of sales2 ($/oz)$765 – $815
Total cash costs3,4 – owner-operator ($/oz)$750 – $800
Total cash costs3,5 ($/oz)$750 – $800
All-in sustaining costs3,4 – owner-operator ($/oz) $990 – $1,070
All-in sustaining costs3,5 ($/oz) $990 – $1,070

1 Guidance for 2018 is based on the following assumptions:

•Average gold price per ounce of $1,250;
•Average crude oil price per barrel of $54;
•U.S. dollar value of the Euro of $1.18; and
•Canadian dollar value of the U.S. dollar of $1.26.

2 Cost of sales, excluding depreciation, is on an attributable ounce sold basis (excluding the non-controlling interest of 10% at Essakane and 5% at Rosebel) and does not include the Joint Ventures which are accounted for on an equity basis.
3 Non-GAAP measure.
4 Consists of Rosebel, Essakane, Westwood on an attributable basis.
5 Consists of Rosebel, Essakane, Westwood, and the Sadiola joint venture on an attributable basis.

In 2018, we expect production to range between 850,000 and 900,000 ounces. At Rosebel and Essakane, we expect production to be at a similar level to 2017 due to higher grades, partially offset by lower throughput. The proportion of hard rock in Rosebel's mill feed is expected to increase to approximately 60% from 45% in 2017. Westwood continues to ramp up with production expected to be between 125,000 and 135,000 ounces. Blocks 1 and 2 will provide most of the production in 2018, as infrastructure development continues in blocks 3 and 4. The Sadiola joint venture is expected to produce between 50,000 and 60,000 ounces. The Yatela joint venture has ceased production and is in closure mode. Retrenchment is expected to be completed early this year.

All-in sustaining cost guidance of $990 to $1,070 per ounce for 2018 reflects continued progress with initiatives to improve productivity and optimize performance across the sites. Readers are reminded that the guidance we provide is annual and that quarterly variation is normal. We expect 2018 production to be lighter in the first half of the year, reflecting lower production at Rosebel as a result of mine sequencing. As production builds in the second half of the year at Rosebel, cash costs and all-in sustaining costs per ounce are expected to trend lower. We also expect to see all-in sustaining costs at Essakane trend downwards in the second half of the year with declining levels of sustaining capital (including capitalized waste stripping). Therefore, we expect all-in sustaining costs at the consolidated level to trend downwards in the third and fourth quarters.

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http://www.iamgold.com/English/investors/news-releases/news-releases-details/2018/IAMGOLD-Delivers-Exceptional-Operating-and-Exploration-Performance-in-2017-With-Significant-Growth-Catalysts-Ahead-in-2018/default.aspx



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