2024-02-09 13:53:24 ET
Summary
- Iamgold had a solid quarter in Q4 with higher production from continuing operations helped by increased mining rates at Westwood.
- Meanwhile, investors can expect a better 2024 with production of 600,000+ ounces conservatively, with further growth in 2025 once Cote Gold begins commercial production.
- In this update, we'll dig into the 2023 results, the 2024 outlook & why the IAG story is finally changing for the better after a decade of lower output/rising costs.
It's been a rough start to 2023 for the Gold Miners Index ( GDX ) which has started out the year down over 13% in what's typically the two best months of the year. This is certainly disappointing for investors that were hoping for a continuation of the Q4 rally in GDX, and it's despite a very mild pullback in the gold price that has still left it firmly above the psychological $2,000/oz level. The sector-wide selling can partially be attributed to weaker than expected production out of some larger producers, but Iamgold ( IAG ) was certainly an exception with a significant beat vs. its annual guidance midpoint of 440,000 ounces....
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For further details see:
Iamgold: Significant Growth On Deck