IAMGOLD posts net loss in second quarter, updates on Côté gold project

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The company said that its attributable gold production increased over Q2 2021 on continued strong performance from Essakane and improvements at Rosebel, adding that annual production is expected to be in the upper end of the guidance range of 570,000 to 640,000 ounces. Second quarter 2022 mine site free cash flow was $42.8 million, down $44.7 million from the prior quarter, due to lower operating cash flow at Essakane and Westwood , mainly due to higher operating costs, lower sales volume and a lower average realized gold price, and higher capital expenditures at Rosebel , the company said.

In addition, the company announced the remaining costs to complete, project economics and updated life-of-mine plan for Côté Gold. The company's share of remaining spend to complete construction and bring Côté Gold into production is estimated to be between approximately $1.2 and $1.3 billion from July 1, 2022, net of leases and working capital.

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