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IAMGOLD Reports Second Quarter 2015 Operating Results

Aug 5, 2015
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. Refer to the Management Discussion and Analysis (MD&A) and Unaudited Condensed Consolidated Interim Financial Statements for the three months ended June 30, 2015 for more information.          

TORONTO, Aug. 5, 2015 /CNW/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") today reports its financial and operating results for the second quarter ended June 30, 2015.
 
"We've adapted very well to gold price volatility in the past, reducing our cost structure by more than $175 million since 2013," said Steve Letwin, President and CEO of IAMGOLD. "In this gold price environment we have to do even more. As we optimize our mine plans, we continue our efforts to further reduce operating costs and sustaining capital. Additionally, we are reviewing our future development projects. Consequently, negotiations related to the potential acquisition of our partner's interest in Sadiola have been suspended. Maintaining liquidity is the prudent thing to do in this environment, and fortunately we have a strong balance sheet with $836 million in cash and bullion.
 
"Gold production of 410,000 ounces in the first six months was up 8% year-over-year, with 202,000 ounces produced in the second quarter," continued Mr. Letwin.  "Essakane began processing ore from the Falagountou pit and the cost efficiency initiatives designed to optimize Rosebel's performance are being implemented at Essakane. Looking ahead, we expect enhanced performance at these two operations in the second half of the year. At Sadiola we expect to continue mining and processing the oxides well into 2016. Westwood production was short of expectations in the second quarter due to the localized ground fall following the seismic event on May 26th. With seismic activity common in the Abitibi region, we will advance development at a pace that is safe and reflects that reality."
 
Second Quarter 2015 Overview:                                                                        
• Attributable gold production of 202,000 oz.; with gold sales of 195,000 oz.
• Production commenced at Essakane's Falagountou deposit.
• All-in sustaining costs1,2 of $1,076/oz; lower than $1,113/oz in Q1/15 and $1,136/oz in Q2/14
• Total cash costs1,2,3 of $817/oz.; lower than $846/oz in Q1/15 and $881/oz in Q2/14.
• Cash, cash equivalents and gold bullion (at market value) of $836.4 million at June 30, 2015.
• Net cash from operating activities of $31.7 million, bringing year-to-date net cash to $61.7 million.
• 2015 production guidance revised due to localized ground fall following a seismic event at Westwood on May 26, 2015:
• Westwood: from 110,000-130,000 oz. to 60,000-75,000 oz.
• Consolidated (attributable): from 820,000-860,000 oz. to 780,000-815,000 oz.
• 2015 total cash cost guidance maintained at $850-$900/oz. and AISC at $1,075-$1,175/oz.
 
Subsequent to Quarter-end:
• July 20, 2015 - assay results at the Boto project in Senegal confirmed continuity of mineralization with frequent high grades over wide intervals and a deposit that remains open at depth. Highlights include 36 metres grading 3.59 g/t Au, including 7 metres grading 9.46 g/t Au.
• July 7, 2015 - assay results at the Pitangui project in Brazil confirmed continuity of targeted zones with the intersection of thicker intervals of higher grade mineralization. Highlights include 11.9 metres grading 6.84 g/t Au, including 3 metres grading 17.0 g/t Au.

Source: http://www.iamgold.com/English/investors/news-releases/news-releases-details/2015/IAMGOLD-Reports-Second-Quarter-2015-Operating-Results/default.aspx

Junior Ground Control Engineer
  • Design and supervision of construction of geotechnical and hydrological structures such as foundations, slopes, excavations, diversion ditch, and dams;
  • Investigation of ground instabilities and recommending and designing mitigation measures
Procurement Officer

To purchase materials, goods, and services for all operations, maintenance, and support functions. 

Surveyor

To provide safe and cost-effective survey services, by way of design, plans, and measurement data that communicate critical mining instructions to operators and development results to engineers.

Administrative Assistant, Mill

To provide administrative support and ensure the efficient and effective functioning of the mill office and related activities.

Road Maintenance Supervisor, Mine Operation

The purpose of the Mine Road Supervisor is to ensure all site service roads are maintained year round. 

Supervisor, Mine

The purpose of the Supervisor Mine is to supervise the mine crew and ensure production targets and schedules are met as forecast.

Senior Engineer, Mining

The Senior Mining Engineer takes part in the development of economic studies of mining projects (approach, prefeasibility, feasibility). 

Senior Metallurgist

To ensure optimization of the Mill process is maintained through effective management and technical support to the Operations group as well as external support groups including Mine Technical Services and Mine Operations.

Bilingual Analyst, Global Supply Chain

As a member of the Global Supply Chain (GSC), the analyst will utilize your abilities to provide actionable recommendations to the leaders of the organization.

Superintendent, Mine Maintenance

This position is responsible to manage all maintenance activities including; safety, execution, personnel, budget, planning and continuous improvement.