Iamgold reports 2019 production results and names new CEO
Canadian gold miner Iamgold on Thursday reported "solid" production results and named a new CEO, following Stephen Letwin’s decision to retire after a decade at the helm of the mid-tier mining company.
Gordon Stothart, currently president and COO, would succeed Letwin as president and CEO and would join the board on March 1.
Letwin and Stothart had worked closely since Letwin's appointment as CEO on November 1, 2010.
Chairperson Don Charter commented that Stothart was highly respected in the industry and that the board believed he was the right successor to lead the company.
Meanwhile, Iamgold announced its fourth-quarter and year-end production results, with output of 762 000 oz approaching the low end of the group’s guidance of 765 000 oz to 810 000 oz. Fourth quarter production was 192 000 oz.
Stothart commented in a statement that Iamgold had faced a “number of challenges” in 2019, but that the company still delivered a “solid” year of production.
Total cash costs were expected at the top end of the guidance of $860/oz to $910/oz and all-in sustaining costs were expected at the top end of guidance of $1 090/oz to $1 130/oz.
Stothart said that 2020 would be a year of transition for Iamgold, as it focused on the future of Essakane and Rosebel, continue development of Westwood and bring Saramacca up to full production. This should lead to an improvement in the forecast for 2021.
Its forecast for this year is attributable production of 700 00 oz to 760 000 oz, reflecting no production at Sadiola. In 2021, attributable production would rise by about 10% to between 760 000 oz and 840 000 oz.
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