Why This Penny Gold Stock Cracked Today

why this penny gold stock cracked today

Sumary of Why This Penny Gold Stock Cracked Today:

  • To make matters worse, IAMGOLD also expects to spend a lot more than originally estimated on a key project under development.
  • So what IAMGOLD is projecting its Q2 gold production to be only 139,000 ounces, down a little more than 10% from the year-ago period.
  • Low production from its Westwood mine in Canada and Rosebel mine in Suriname is to blame.
  • IAMGOLD has three operating mines, so it’s worrisome to see production hiccups and cost overruns at two of its mines at the same time.
  • Rosebel, the larger of the two mines, faced several headwinds during the quarter, including inclement weather, COVID-19 restrictions, and a union-led work stoppage finally resolved in May through a collective bargaining agreement.
  • Thanks to a weaker-than-expected Q2, IAMGOLD has downgraded its full-year guidance as well, and it’s a pretty sharp downward revision.
  • Metric Original Guidance Revised Guidance Gold production (ounces) 630,000-700,000 565,000-605,000 Cash cost (per ounce sold) $930-$980 $1,115-$1,150 AISC (per ounce sold) $1,230-$1,280 $1,395-$1,435 Data: IAMGOLD.
  • IAMGOLD expects to begin full production at Côté by 2024, which could boost its annual gold-production capacity to one million ounces.

Want to know more click here go to source.

From -

Close
Generic selectors
Exact matches only
Search in title
Search in content

Site Language


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close