Iamgold‘s (TSX: IMG; NYSE: IAG) shares jumped on Tuesday after the Toronto-based company released positive preliminary full-year and fourth-quarter 2023 production results, along with updates on progress at its nearly finished Côté gold mine in Ontario.
The shares traded 14.5% or 45¢ higher at $3.56 in late afternoon. They’ve traded between $2.71 and $4.53 over the past 12 months.
The miner reported 2023 attributable gold production of 465,000 oz., at the top end of its 410,000 to 470,000 oz. guidance range.
Essakane, located in northeastern Burkina Faso, achieved attributable production in the fourth quarter of 108,000 oz., bringing the full year production to 372,000 oz., nearing the top end of its annual guidance of 380,000 oz.
The Westwood project in Quebec achieved production in the fourth quarter of 28,000 oz., bringing full year production to 93,000 oz. and beating the annual guidance of 70,000 to 90,000 ounces.
Iamgold also reported that Côté commissioning activities are progressing well, with the startup of the primary crushing circuit ongoing. Initial production remains on track for March 2024.
Côté is a 70:30 joint venture with Sumitomo Metal Mining. It is expected to become the third-largest gold mine in Canada. However, the build, which began in 2020, suffered a 90% capex rise.
Construction was expected to take three years. The lifespan of the mine is pegged at 16-18 years, with production reaching 495,000 oz. of gold annually in its first six years.
Average production over the life of the gold mine is estimated at 365,000 oz. a year.
Iamgold has a market capitalization of $1.11 billion.
Be the first to comment on "Iamgold shares rise as miner meets guidance and Côté startup nears"