IAMGOLD Corp. (IMG.TO,IAG) reported that its second quarter 2015 production is expected to be slightly below the production of 208,000 ounces in the first quarter 2015, and this has led to a downward revision of the 2015 production guidance to a range of 780,000 to 815,000 ounces. The company's updated annual production guidance is a net reduction of 40,000 ounces or 4.9% to the bottom end of the range and 45,000 ounces or 5.2% to the top end of the guidance range.
IAMGOLD revised its guidance following an intensive review of the impact of a localized seismic event that took place on May 26, 2015 at the company's Westwood Mine in Quebec. The full-year production guidance for Westwood was originally provided as a range from 110,000 to 130,000 ounces of gold and that range has now been changed to 60,000 to 75,000 ounces of gold. IAMGOLD said it remains confident in the long-term viability of the mine.
IAMGOLD's President and CEO, Steve Letwin said, "Safety is our number one priority. Our current focus is to invest further in the development of the mine to ensure a safe operation and to optimize Westwood's long-term production profile. A recent visit by investors and my own visit to Westwood last week have strengthened my confidence that we have the experience and the quality of mine management in place to develop Westwood's high grade potential to become our lowest cost mine and a strong contributor to IAMGOLD's long-term future."
For comments and feedback contact: editorial@rttnews.com
Business News