IamGold posts loss, forecasts lower capex for 2014
Feb 19 (Reuters) - IamGold Corp swung to a quarterly loss as gold prices fell, and said its capital spending in 2014 would be 40 percent lower than last year as it had completed the expansion of a mine in West Africa.
The company earmarked 2014 capital expenditure of about $400 million, saying it had completed the expansion of its Essakane Mine in Burkina Faso.
IamGold reported a loss of $840.3 million, or $2.23 per share in the fourth quarter, compared with a profit of $84.6 million, or 22 cents per share, a year earlier.
Revenue fell 38 percent to $247.2 million.
Gold price fell 26 percent to average $1,270.794 per ounce during October-December from a year earlier.
IamGold also said total attributable proven and probable gold reserves at the end of 2013 decreased by 11 percent to 10.1 million ounces of gold.