All monetary amounts are expressed in U.S. dollars, unless otherwise indicated.
Toronto, Ontario--(Newsfile Corp. - January 17, 2023) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") today announced preliminary full year and fourth quarter 2022 operational results.
2022 attributable gold production from consolidated operations of 713,000 ounces surpassing the top end of revised production guidance of 650,000 to 705,000 ounces
Cash costs 1 and All-in sustaining costs ("AISC") 1 are expected to be near the bottom end of the updated guidance range of $1,100 to $1,130 per ounce sold and $1,600 to $1,650 per ounce sold, respectively.
IAMGOLD to report year-end financial results on February 16, 2023 after market close
"IAMGOLD finished the year with a strong quarter, with production surpassing the top end of our updated guidance estimates," said Maryse Bélanger, Chair and Interim President and Chief Executive Officer of IAMGOLD. "Essakane continued its strong performance producing a record 432,000 ounces for the year, though supply constraints within the country continue to present operational challenges. At IAMGOLD, the safety of all our employees is our number one priority, and the Company continues to take proactive measures to ensure the safety and security of in-country personnel and is constantly adjusting our protocols and the activity levels at the site according to the security environment. Rosebel reported its strongest quarter of the year resulting from accessing higher grade zones Rosebel and Saramacca in line with the mine plan. We are proud of our accomplishments at Rosebel and anticipate closing of the transaction with Zijin in the first quarter of 2023."
"Looking ahead, we are fully focused on operating safely and bringing Côté Gold into production. We remain on track to commence production at Côté early next year. We will be providing a Côté update as well as operational and financial guidance with our year-end results in February," concluded Ms. Belanger.
In 2022, IAMGOLD achieved attributable gold production of 713,000 ounces, above the revised guidance range of 650,000 to 705,000 ounces, including 185,000 ounces produced in the fourth quarter. Annual gold sales were 721,000 ounces on an attributable basis at an average realized gold price of $1,742 per ounce. Fourth quarter gold sales were 183,000 ounces on an attributable basis at an average realized gold price of $1,670 per ounce.
Annual attributable gold production for Essakane was 432,000 ounces (480,000 ounces on a 100% basis), exceeding the upper end of the updated guidance range of 410,000 to 430,000 ounces, as the mine benefitted from higher grades in the year. In the fourth quarter, attributable production was 98,000 ounces based on mill throughput of 2.8 million tonnes at a head grade of 1.35 grams per tonne gold ("g/t Au") and gold recoveries of 89%. Mining activities were lower in the quarter as a result of supply chain constraints related to the security environment in the country while ensuring necessary stripping activities were achieved to secure access to ore planned for mining in 2023.
Annual gold production for Westwood was 67,000 ounces, within the updated guidance range of 65,000 to 75,000 ounces. In the fourth quarter, the operations produced 18,000 ounces. Ore production and underground development continued to ramp up with 1,297 metres of lateral development achieved, an increase of 346 metres compared to the previous quarter. Mill feed totaled 300,000 tonnes at a combined average head grade from the underground and open pit of 1.94 g/t Au and average gold recoveries of 93% benefitting from ongoing mill maintenance strategies for improved availability. The collective bargaining agreement with the Westwood union was renewed in December.
Annual attributable gold production for Rosebel was 214,000 ounces (253,000 ounces on a 100% basis), above the upper end of the updated guidance range of 175,000 to 200,000 ounces. In the fourth quarter, attributable production was 69,000 ounces based on total mill feed of 2.1 million tonnes at an average head grade of 1.29 g/t Au and average recovery of 96%. Higher grades resulting from accessing higher grade zones at both Rosebel and Saramacca as per the mine plan. On October 18, 2022, the Company announced the sale of its 95% interest in Rosebel Gold Mines N.V. (inclusive of Rosebel and Saramacca) to Zijin Mining Group for cash consideration of $360 million. The closing of this transaction is on track to close in the first quarter of 2023.