Iamgold boss targets 1 million ounces gold production target after challenging 2020

Iamgold has posted attributable gold production of 653,000 ounces in a COVID-impacted 2020, although CEO Gordon Stothart revealed plans for the mining giant to exceed 1 million ounces of annual production in the near-term.

The TSX and NYSE-listed firm hit the mid-point of its revised production guidance and reported annual attributable gold sales of 646,000 ounces. Total cash costs are expected at the bottom end of its guidance of US$980 to $1,010 per ounce produced.

Iamgold’s three producing gold mines are located in Burkina Faso (Essakane), Suriname (Rosebel) and Canada (Westwood).

“Essakane had its strongest quarter at the end of the year, Rosebel production was up quarter-over-quarter and Westwood contributed by processing stockpile and Grand Duc open pit ore,” Stothart said.

“Looking forward, Iamgold’s unique growth platform will enable our transformation to a lower cost producer of over 1 million ounces of annual production within the next two-and-a-half years.”

Construction at the company’s $1.3 billion JV Côté Gold project in Ontario is underway while at the Boto Gold project in Senegal, $60 million has been set aside for de-risking activities, including construction of an all-year access road.

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