Nov 13 Iamgold Corp reported a 56
percent rise in quarterly profit, helped by higher derivative
gains, and the Canadian gold miner cut its 2012 capital
expenditure forecast on delays in expansion at two of its mines
Iamgold's net earnings from continuing operations
attributable to equity holders rose to $78 million, or 21 cents
per share, in the third quarter from $50 million, or 13 per
share, a year earlier.
Revenue fell 10 percent to $386.8 million on lower gold
Gold production declined to 205,000 ounces from 222,000
ounces as the company mined lower-grade ore at its Essakane mine
in Burkina Faso.
Total cash costs rose 5 percent to $710 per ounce due to the
lower grades, the company said.
Iamgold cut its capital expenditure forecast for the year to
$750 to $780 million from its previous forecast of $800 to $840
million as it expects delays in expansion plans for its Sadiola
mine in Mali and the Essakane mine.
Shares of the company closed at C$14.88 on Tuesday on the
Toronto Stock Exchange.