IAMGOLD earnings miss estimates but production rises

|About: IAMGOLD Corporation (IAG)|By:, SA News Editor

IAMGOLD (NYSE:IAG) +0.7% AH after Q2 earnings fall short of estimates and revenues fell 4% Y/Y, but production rose.

Q2 attributable gold production totaled 206K oz., up 20% Q/Q, as the Doyon division processed gold stockpiled in Q1 and Essakane ramped up production by 35%.

Q2 total cash costs for gold mines were $881/oz., a slight improvement from the previous quarter and up 12% Y/Y; cash costs in the prior year period included a significant favorable adjustment to the power cost accrual at Rosebel reflecting updated contract terms.

All-in sustaining costs for gold mines were $1,136/oz., down 5% Y/Y.