go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/iamgold
AMGOLD is a mid-tier gold mining company producing approximately one million ounces annually from 7 mines on 3 continents. The company is really in a transition period right now. A few of its mines have almost depleted their reserves, but they are bringing a couple of projects online that will more than make up for these mine closures.
Operating Mines:
Rosebel Gold Mine – Suriname
LOCATION: Suriname, South America
OWNERSHIP: 95% IAMGOLD, 5% Government of Suriname
GOLD PRODUCTION: 2009 - 392,000 ounces
CASH COST: 2009 – $396 per ounce
Rosebel is IAMGOLD's flagship operation. In October 2001, Cambior Inc. acquired Golden Star's 50 percent interest in the Rosebel property. Commercial production commenced in February 2004 and IAMGOLD acquired Rosebel as part of its acquisition of Cambior Inc. in late 2006.
Rosebel's attributable production in 2010 is expected to be between 380,000 and 400,000 ounces. Capital expenditures of $49 million are planned in 2010 and include a $12 million resource delineation and near-mine exploration program and $12 million for additional leach tanks to improve recoveries.
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/iamgold
12+ years
Sadiola Gold Mine - Mali
LOCATION: Mali, North Western Africa
OWNERSHIP: 41% IAMGOLD, 41% AngloGold Ashanti, Government of
Mail 18%
OPERATOR: AngloGold Ashanti
GOLD PRODUCTION: 2009 – 135,000 ounces
CASH COST : 2009 – $483 per ounce
The Sadiola Gold Mine is operated by AngloGold Ashanti. The current plan at Sadiola indicates a mine life to 2013, using existing oxide reserves and stockpiles.
In November 2009, approval was received to proceed with a feasibility study on the deep sulphide project at a cost of $9.0 million. The deep sulphide pre-feasibility study projects an increase in production at Sadiola to between 400,000 and 500,000 ounces per year (on a 100% basis running from 2013 through 2018), with an end of mine life in 2019, increasing the total gold production at Sadiola by approximately 2.2 million ounces beyond the current mine plan. Assuming positive results from the 11 month feasibility study and an investment decision, construction would begin in 2010, pre-stripping would commence in 2011 with the new fleet and the new plant would begin operating in 2012.
9+ years
Tarkwa Gold Mine – Ghana
LOCATION: Ghana, North Western Africa
OWNERSHIP: 18.9% IAMGOLD, 71.1% Gold Fields Limited, 10% the
Republic of Ghana
OPERATOR: Gold Fields Limited
GOLD PRODUCTION: 2009 – 125,000 ounces
CASH COST : 2009 – $513 per ounce
Gold Fields is the operator of the Tarkwa Gold Mine. Attributable gold production in the first quarter of 2010 was higher compared to the first quarter of 2009, as a result of the completion of the CIL plant expansion in 2009. The new CIL plant increased gold production by 40% from the prior year's level.
The CIL and heap leach expansions will allow total gold production to remain above 700,000 ounces per year until 2021
13+ years
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/iamgold
Damang Gold Mine – Ghana
LOCATION: Ghana, North Western Africa
OWNERSHIP: 18.9% IAMGOLD, 71.1% Gold Fields Limited,
10% The Republic of Ghana
OPERATOR: Gold Fields Limited
GOLD PRODUCTION: 2009 – 38,000 ounces
CASH COST : 2009 – $619 per ounce
Damang contributes only a small portion of IAMGOLD's overall production. Gold Fields operates the mine.
10+ years
A few of IAMGOLD's mines are near the end of their operations. The Doyon Mine ended operations in December 2009, seven months after initially planned, following the depletion of its reserves. In the fourth quarter of 2009, the Company approved a program to extend the life of the Mouska Mine to early 2012. The Mouska Mine will continue to operate at reduced levels through 2012. The mine's production is expected to be between 20,000 and 30,000 ounces in 2010.
The Mupane Gold Mine in Botswana only produced 50,000 oz of gold in 2009. The Company continues to review management strategies around the closure process at Mupane.
The Yatela Mine is expected to continue at least through 2010 while gold production on the leach pads is expected to continue into early 2012. Previously, mining was expected to cease mid 2010. Exploration potential exists for additional satellite deposits in the vicinity of the mine.
IAMGOLD also operates the Niobec mine in Canada. One of only three niobium mines in the world, Niobec produces approximately 8% of the world's niobium annually. Niobium is a high strength steel additive.
Development Projects:
Essakane – Burkina Faso
LOCATION: Burkina Faso, West Africa
OWNERSHIP: 90% IAMGOLD, 10% Government of Burkina Faso
PROJECT STATUS: Commercial Production expected in August 2010
GOLD PRODUCTION (E): 315,000 ounces (annual life of mine production)
CASH COST (E): $400 – $410 per ounce
MINE LIFE (E): 9+ years
IAMGold got a bargain when it purchased Orezone back in late 2008, when the credit markets were reeling. Orezone was cash strapped at the time, yet it had a very valuable project, the Essakane mine. The value of the deal, $139 million. Essakane will be just as large as IAMGOLD's flagship Rosebel mine is.
The operation is expected to produce more than 500,000 ounces of gold from start-up June 2010 through to the end of 2011. Average cash cost is expected in the $400 to $410 per ounce range. Life-of-mine production estimates remain at 315,000 ounces per year through to 2018.
Total project capital expenditures will be approximately $443 million.
LOCATION: Abitibi region, Québec, Canada
OWNERSHIP: 100% IAMGOLD
PROJECT STATUS: Preliminary assessment study updated in December 2009.
Shaft sinking underway. Production in early 2013
GOLD PRODUCTION (E): Average of 186,000 ounces per year
CASH COST (E): $358 per ounce
MINE LIFE (E): 16 years
The Westwood Project is located on the Doyon property, 2.5 kilometres east of the Doyon Gold Mine. Construction at Westwood is on schedule with commercial production planned for early 2013. The updated preliminary study results announced in December 2009 indicated the potential for production of 186,000 ounces per year over 16 years, with an average cash cost of $358 per ounce. Capital expenditures of $102 million are planned in 2010.
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/iamgold
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/iamgold
LOCATION: Azuay Province, Ecuador, South America
OWNERSHIP: 100% IAMGOLD
PROJECT STATUS: Pre-feasibility study completed. Final feasibility expected 12
months after work permit approval. Production expected in
early 2012.
GOLD PRODUCTION (E): 202,000 ounces gold per year, plus one million ounces of silver
and 9.3 million pounds of copper
CASH COST (E): $272 per ounce (excluding royalties and profit sharing)
MINE LIFE (E): 7.5 years
IAMGOLD was waiting for a new mining law to pass in Ecuador before they could proceed with this project. In November 2009, detailed Mining and Environmental Regulations relating to the Ecuadorian Mining Law, which were passed in February 2009, were completed and approved by President Correa. The issuance of these regulations is a necessary step allowing the Minister of Mines to authorise the resumption of activity at the project site.
A final feasibility study, at a cost of $14 million, is expected to be completed within 15 months of the mining regulations being in place.
Estimated annual production is 202,000 ounces at a cash cost of $272 per ounce
Camp Caiman
LOCATION: French Guiana, South America
OWNERSHIP: 100% IAMGOLD
PROJECT STATUS: Feasibility study updated in 2007, alternative development
plan 2008; awaits new Mining Framework
GOLD PRODUCTION (E): 125,000 ounces gold per year
CASH COST (E): $320 per ounce
MINE LIFE (E): 7 years
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/iamgold
A little bit of a disappointment here, as IAMGOLD wrote off the value of Camp Caiman earlier this year. The mine was supposed to produce 125,000 ounces of gold per year over seven years. However, in 2008 the French government declared a moratorium on all mining and exploration activity in French Guiana until a new mining framework is developed. The French government has acknowledged that the Camp Caiman project meets all technical, legal and environmental requirements for operating permits. According to IAMGOLD:
"A draft mining framework was published by the French authorities in June 2009 but there has been no significant progress towards a final framework and no assurance that the final framework would permit the development of the Camp Caiman project. After considering the results of the January 10 referendum in which French Guiana rejected greater autonomy from France, the Company has determined that it is appropriate to record a non cash impairment for the net carrying value of the project."
Financials and Production
Q2 2010 highlights:
* Net earnings totaled $35.7 million ($0.10 per share), a decrease of 19% compared to the second quarter of 2009. Adjusted net earnings(1) increased 24% to $39.1 million ($0.11 per share(1)) when compared to the second quarter of 2009 adjusted net earnings of $31.5 million ($0.09 per share)
* Operating cash flow was $51.4 million ($0.14 per share(2)), an increase of 32% compared to $38.9 million ($0.11 per share) in the second quarter of 2009
* The Company's financial position continued to be strong with $577.9 million in available funds. Cash, cash equivalents and gold bullion (at market) were $227.9 million. The available credit was $350.0 million at June 30, 2010
* Gold production was 190,000 ounces and average cash cost(1) was $623 per ounce
The Company expects to achieve its 2010 guidance of 980,000 to 1,010,000 ounces of gold and cash cost per ounce of $530 to $550.
As you can see below, Rosebel, Essakane, and Westwood have become the main focus for IAMGOLD. That's 1 million ounces to build off of.
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/iamgold
IAMGOLD is in a transition period. Several of its older mines are being depleted, and the company is in the process of bringing new mines into production. Essakane is a big project, and to this day I still don't understand how they purchased this mine at such a bargain. The mine is going to be key for the future of IAMGOLD. As is the Westwood mine in Canada, and it's on the same property as the Doyon mine is so they can use the existing mill there. Sadiola, Tarkwa, and Damang should continue to provide IAMGOLD with plenty of production over the next 10 years. I would imagine that they will get positive news on the feasibility study for Sadiola.
Camp Caiman is a disappointment, but this news came out over two years ago. Investors were still hoping though that the mine would be built. I guess it still could, but as of right now it looks dead in the water. Hopefully they will have better luck with Quimsacocha.
go to
https://sites.google.com/site/goldandsilver2012/company-reviews-by-goldstocksdaily-com/iamgold
0 comments:
إرسال تعليق