Seeking Alpha

IAMGOLD 2014 guidance includes 40% cut in capital spending

  • IAMGOLD (IAG) reports attributable 2013 gold production of 835K oz., with 195K oz. in Q4, and expects 2014 production in the 835K-900K range.
  • Preliminary 2013 total cash costs were ~$800/oz., at lower end of $790-$840/oz. guidance; Cash costs for IAG owner-operator mines is seen 7% lower at ~$740/oz., below $750-$800/oz. guidance.
  • For FY 2014, total cash costs are expected at $825-$875/oz., with IAG owner-operator mines seen at $790-$830; capex is expected to fall 40% to within 5% of $400M.
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