Iamgold's Painful Process of Reworking Underwhelming Portfolio Bears Fruit in 1Q
The transformation of Iamgold’s underwhelming portfolio continued to bear fruit in the first quarter. Operations improved across the board, with attributable gold production rising 7% over the prior-year quarter to 229,000 ounces, with total cash costs and all-in sustaining costs declining 4% to $737 per ounce and $953 per ounce, respectively. Combined with higher gold prices, the company saw its free cash flow jump 80% from the prior-year quarter to $38 million. The company’s high costs--its wo...IAMGold is engaged in the exploration for, development and operation of gold mining properties, and the operation of a niobium mine.
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