Iamgold quarterly profit rises sharply
Reuters | Wed, 04 Nov 2009 17:13[miningmx.com] -- Canada's Iamgold Corp said on Wednesday its third-quarter earnings more than tripled, driven by lower mining costs and a higher realized gold price. Net income in the quarter ended Sept. 30 rose to $64.9 million, or 18 cents a share, up from $18.8 million, or 6 cents a share, a year earlier. Quarterly revenue rose 4 percent to $235.2 million. Since Sept. 1, the New York gold futures price has risen from $953.50 per ounce. It touched a record highs above $1,095 an ounce earlier on Wednesday and dealers now see gold poised to target the psychologically important $1,100 an ounce level. Earlier this month, the gold miner increased its 2009 gold production forecast, due to increased productivity at its Rosebel mine in Suriname and the extended life of its Doyon mine in Quebec. The company, which has over a dozen mines, exploration projects and development projects spread across North America, South America and Africa, said it now expects full year 2009 capital expenditures of $422.1 million, down slightly from the previous estimate of $448.4 million. Iamgold said it has $466.7 million in available funds and is well funded for the development and exploration of its current portfolio of gold projects. Shares of Iamgold were up 2.8 percent to $15.35 in trade before the morning bell in the United States.
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