Shares of IAMGOLD (NYSE: IAG) dropped sharply today -- as much as 13.6% by 10:15 a.m. EDT. The gold stock regained some ground as the day progressed but was still down 9.8% at 1:25 p.m. EDT. The Canada-based gold miner released its preliminary second-quarter numbers this morning, and they're clearly a bummer. To make matters worse, IAMGOLD also expects to spend a lot more than originally estimated on a key project under development.
IAMGOLD is projecting its Q2 gold production to be only 139,000 ounces, down a little more than 10% from the year-ago period. Also, it expects its all-in sustaining cost (AISC) for the quarter to be $1,422 per ounce sold versus $1,189 per ounce it spent in Q2 2020.
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For further details see:Why This Penny Gold Stock Cracked Today