Iamgold Corporation reported a return to profit in the fourth quarter on Wednesday as well as a 45% increase in gold production german gravel crushing and screening plant
in 2003 after the mid-sized Canadian gold company merged with a rival early in the year.
Iamgold, which has stakes in four mines in Africa but doesn't operate any of them, earned $5,2-million or 4 cents a share in the three months ending December 31 compared to a loss of $1,5-million or 2 cents a share in the year-ago quarter.
The Toronto-based company said it produced 108,341 ounces of gold in the fourth quarter.
Full year output was 421 003 oz, a 45% increase on 2002 after the firm's merger with US-based Repadre Capital Corporation in January 2003.
But like other gold producers, Iamgold's cash costs to produce an ounce of gold rose.
Costs were $246 an ounce in the December quarter, $44 more than the same quarter in 2002.
The firm, which also receives a royalty payment from Canada's Diavik diamond mine, had cash and gold holdings worth $114-million at year-end.
Iamgold is a partner of South Africa's AngloGold in two mines in Mali - the Sadiola mine, in which the Canadian firm owns a 38% stake, and the Yatela mine, where it has a 40% stake.
Another South African miner, Gold Fields, partners Iamgold in the Tarkwa and Damang mines in Ghana. Iamgold owns 18,9% of each mine. – Reuters.