IamGold posts loss, forecasts lower capex for 2014

Wed Feb 19, 2014 6:05pm EST

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.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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