By: Creamer media

“This is an exciting time for Iamgold. With the gold prepayment facilities behind us and improving operations, Iamgold is positioned to generate significant cash flows, allowing us to advance our strategy to de-lever the balance sheet and unlock the significant value and growth potential of our Canadian portfolio,” CEO Renaud Adams said on Thursday.

Côté produced 67 000 attributable ounces in the quarter, operating at 36 000 t/d for 30 consecutive days by June 21.

In Burkina Faso, Essakane's output was 77 000 oz and in Canada, Westwood produced 29 000 oz.

Revenue rose to $580.9-million from sales at an average realized gold price of $3 182/oz. Adjusted earnings before interest, taxes, depreciation and amortisation were $276.4-million, with record mine-site free cash flow from Côté of $93.9-million.

Iamgold raised its full-year cash cost guidance to between $1 375/oz and $1 475/oz from $1 200/oz to $1 350/oz and AISC to a range of $1 830/oz to $1 930/oz from $1 625/oz to $1 800/oz, citing higher royalties from stronger gold prices, changes to Essakane’s royalty structure, a stronger euro, and temporary ramp-up costs at Côté.

“Processing costs at the mine are expected to fall following the installation of the additional secondary crusher in the fourth quarter,” Adams said, adding mining costs should ease as rehandling is reduced.

The company ended the quarter with $616.5-million in liquidity, including $223.8-million in cash.