Suriname
News

IAMGOLD: Royalties at Rosebel added extra US$50/oz to costs

Bnamericas Published: Wednesday, February 25, 2009
Toronto-based IAMGOLD (TSX: IMG) has been negatively impacted by the purchase of royalties at its Rosebel yellow metal mine in Suriname, which increased costs by US$50/oz at the mine and added US$10-15/oz group-wide, company CEO Joe Conway said in a webcast speech at the BMO Capital Markets 2009 Global Metals and Mining Conference. "That's the reason we bought out Euro Resources," Conway said. On December 30 IAMGOLD paid an aggregate value of Cdn$19.6mn (US$16mn) for Euro's common shares, valued at 1.20 euros each. IAMGOLD has a 95% indirect interest in the Rosebel gold mine, including the ownership of its mining rights and assets, whereas Euro holds the Rosebel royalty. Rosebel averaged a cash cost of US$404/oz last year, versus US$403/oz the year before. Production attributable to IAMGOLD's 95% of Rosebel amounted to 315,000oz gold in 2008, a 20% increase over the prior year. Conway added IAMGOLD is interested in acquisitions but not in any operation or project that would produce less than 100,000oz/y. IAMGOLD also owns gold mining operations in West Africa and exploration properties in Brazil and Argentina.

To continue reading, subscribe to BNamericas to get all the information in this article and access to related news items and reports.

Subscribe to BNamericas and gain access to thousands of project profiles, key contacts and news.

Other projects in: Mining & Metals

Get critical information about thousands of Mining & Metals projects in Latin America: what stages they're in, capex, related companies, contacts and more.

  • Project: San Roque
  • Current stage: Blurred
  • Updated: 4 weeks ago
  • Project: Agua Rica
  • Current stage: Blurred
  • Updated: 4 weeks ago
  • Project: Sarape
  • Current stage: Blurred
  • Updated: 4 weeks ago
  • Project: Itaituba
  • Current stage: Blurred
  • Updated: 4 weeks ago
  • Project: Sal de Vida
  • Current stage: Blurred
  • Updated: 4 weeks ago
  • Project: Aripuanã
  • Current stage: Blurred
  • Updated: 4 weeks ago

Other companies in: Mining & Metals

Get critical information about thousands of Mining & Metals companies in Latin America: their projects, contacts, shareholders, related news and more.

  • Company: Glencore plc  (Glencore)
  • Glencore plc is a global integrated natural resource company, with a diversified portfolio that includes production and trading of more than 90 commodities, split into three bus...
  • Company: Sumitomo Corp.  (Sumitomo)
  • Sumitomo Corp. is a Japan-based general trading company. The company is engaged in the import and export of a wide range of products including metals, machinery, electronics, fu...
  • Company: Corporación Minera de Bolivia  (COMIBOL)
  • Bolivian state miner Comibol manages the state's interests in mining concessions and metallurgical and industrial plants through joint ventures, lease and/or service agreements ...
  • Company: Ausenco Perú S.A.C.  (Ausenco Perú)
  • Ausenco Peru S.A.C., subsidiary of the Australian firm Ausenco, supplies the Peruvian mining industry with environmental consulting and engineering services since 1999. Based in...
  • Company: STRACON S.A.  (STRACON)
  • STRACON, a provider of integral mining and construction services in Latin America, covers all stages of a mining project, from planning, development, construction, operation, to...
  • Company: Aker Solutions ASA  (Aker Solutions)
  • Norway's Aker Solutions ASA – controlled by holding Aker Kvaerner - is a provider of subsea production equipment and offshore field design services for the oil & gas industry. I...