Canadian News
Iamgold Raises FY09 Gold Production Guidance - Update
10/26/2009 1:32 PM ET
(RTTNews) -
Monday, Canadian precious metals miner, Iamgold Corp. (IMG.TO: News ,IAG: News ), increased its guidance for gold production for 2009, reflecting primarily the higher productivity at Rosebel mine in Surinam, South America and the extended life of the Doyon mine in Canada into the fourth quarter.
Iamgold now projects production in a range of approximately 940,000 to 950,000 ounces, an increase of 30,000 ounces over previous guidance issued in June. When compared to the guidance in January 2009, the current guidance is over 60,000 to 70,000 ounces
Further, Toronto-based Iamgold reaffirmed its cash cost guidance to be between US$ 460 and US$ 470 per ounce for the full year 2009.
Niobium production from the Nilbec mine for the full year is expected to be 4,200 to 4,400 tonnes and its operating margin between US$ 19 and US$ 21 per kilogram, down from the previous outlook of US$ 20 to US$ 22 per kilogram due to stronger Canadian dollar.
Joseph Conway, president and chief executive officer said,"We are pursuing opportunities to optimize our existing operations as well as potential acquisitions where we can capitalize on our operating strength."
IMG.TO is currently trading at C$ 14.26, down C$0.23 or 1.59% on a volume of 1.43 million shares on the Toronto Stock Exchange.
IAG is currently trading at $13.37, down $0.39 or 2.83% on a volume of 2.50 million of shares on the NYSE.
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by RTT Staff Writer
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