IAMGOLD 2007 Second Quarter Results
All amounts are expressed in US dollars, unless otherwise indicated.
SECOND QUARTER HIGHLIGHTS:
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Revenue was $167.3 million.
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Average gold realized price was $660 per ounce.
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Attributable gold production was 251,000 ounces.
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Gold Institute (GI) cash cost* of production was $408 per ounce.
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Operating cash flow was $14.1 million.
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An impairment charge at the Mupane mine totaled $93.7 million and results in a net loss for the second quarter of 2007 of $81.4 million or $0.28 per share. Excluding this non-cash charge, net earnings would have been $12.4 million or $0.04 per share.
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In June, the Company announced a revised resource estimate for the Westwood project which resulted in a 128% increase to the resource.
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Cash, short term deposits and gold bullion position as at June 30, 2007 was $189.5 million valuing gold bullion at market.
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Capital expenditures totaled $20.4 million.
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Corporate exploration expenditures were $14.3 million.
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In July, the Company initiated a $26 million expansion and optimization of its Rosebel milling operations to maintain throughput and improve efficiency.
CONSOLIDATED FINANCIAL RESULTS SUMMARY
|
Three Months Ended June 30, |
Six Months Ended June 30, |
(unaudited) |
2007 |
2006 |
2007 |
2006 |
(in $000's except where noted) |
$ |
$ |
$ |
$ |
Net earnings (loss) |
(81,370) |
29,838 |
(70,085) |
49,689 |
Net earnings (pre-impairment)* |
12,355 |
29,838 |
23,640 |
46,689 |
Net earnings (loss) per share |
|
|
|
|
- basic and diluted ($/share) |
(0.28) |
0.17 |
(0.24) |
0.30 |
Net earnings per share (pre-impairment) |
|
|
|
|
- basic and diluted ($/share) |
0.04 |
0.17 |
0.08 |
0.30 |
Operating cash flow |
14,062 |
24,276 |
30,714 |
46,070 |
Gold produced IMG share (oz) |
251,000 |
158,000 |
470,000 |
281,000 |
GI cash cost ($/oz)* |
408 |
290 |
412 |
282 |
Average realized gold price ($/oz) |
660 |
621 |
654 |
591 |
* Gold Institute cash cost per ounce is also a non-GAAP measure. Please refer to Supplemental Information
attached to the MD&A for a reconciliation to GAAP. Net earnings (pre-impairment) is a non-GAAP measure.
A conference call to review the Corporation's second quarter results will take place on Wednesday, August 15, 2007 at 11:00 a.m. EST. Local call-in number: 416-644-3421 and N.A. toll-free: 1-800-732-9303. This conference call will also be audiocast on our website (www.iamgold.com).
A replay of this conference call will be available from 2:00 p.m. August 15 to August 22, 2007 by dialing local: 416-640-1917, passcode: 21240381# and N.A. toll-free: 1-877-289-8525, passcode: 21240381#. A replay will also be available on IAMGOLD's website.
THIS PRESS RELEASE CONTAINS MANY FINANCIAL STATEMENTS. CLICK HERE TO VIEW ORIGINAL PDF VERSION OF THIS RELEASE.
FOR FURTHER INFORMATION CONTACT:
Joseph F. Conway
President & Chief Executive Officer
Carol Banducci
Chief Financial Officer
Tel: (416) 360-4710
North America Toll-Free: 1 (888) IMG-9999
Fax: (416) 360-4750
Renmark Financial Communications Inc.
John Boidman : jboidman@renmarkfinancial.com
Henri Perron : hperron@renmarkfinancial.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com
Please note:
This entire press release may be accessed via fax, email, IAMGOLD's website at www.iamgold.com and through CCN Matthews' website at www.ccnmatthews.com. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov. If y
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : IMG.TO |
ISIN : CA4509131088 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
IAMGOLD is a gold producing company based in Canada. IAMGOLD produces gold, diamonds, lead, niobium, rare earth, silver and zinc in Botswana, in Canada, in Ecuador, in Ghana, in Guyana, in Indonesia, in Mali, in Peru, in South Africa, in Suriname and in Tanzania, develops gold in Burkina Faso, in Ecuador and in French Guyana, and holds various exploration projects in Canada, in Ecuador, in Honduras, in Peru and in South Africa. Its main assets in production are OMAI MINE in Guyana, MOUSKA MINE, PORCUPINE, SLEEPING GIANT, DOYON, NIOBEC and GRAND DUC in Canada, YATELA and SADIOLA in Mali, MUPANE in Botswana, DAMANG PROJECT, TARKWA and TEBEREBIE in Ghana, ROSEBEL in Suriname, ZARUMA in Ecuador, ARDO MINE in South Africa, BUCKREEF in Tanzania, RAWAS GOLD PROJECT in Indonesia and TAMBORAQUE in Peru, its main assets in development are ESSAKANE in Burkina Faso, CAMP CAIMAN in French Guyana and QUIMSACOCHA PROJECT in Ecuador and its main exploration properties are BAMBADJI in Senegal, TEX-SOL, LESPERANCE, CREVIER and WESTWOOD in Canada, ALAMOUTALA (SADIOLA II) and SIRIBAYA in Mali, GILT EDGE MINE & ANCHOR HILL in Ecuador, PODEROSA MINE in Peru and VUELTAS DEL RIO / EL ZAPOTAL in Honduras. IAMGOLD is listed in Australia, in Canada, in Germany and in United States of America. Its market capitalisation is 316.9 millions as of today (US$ 230.6 millions, € 210.7 millions). Its stock quote reached its highest recent level on April 28, 2006 at 9.98, and its lowest recent point on September 30, 2022 at 1.27. IAMGOLD has 47 442 200 shares outstanding. |