Suncor Energy: IAMGOLD Corporation

IAMGOLD Corporation - IMG.t is a mid-tier gold producer with four operating gold mines on three continents. A solid base of strategic assets in North and South America and West Africa is complemented by development and exploration projects.

The company produced 806,000 oz. Au in 2015 at AISC of $1,057

On May 3, 2016 the company reported Numbers

"- IAMGOLD Corporation ("IAMGOLD" or the "Company") today reports its financial and operating results for the quarter ended March 31, 2016.
"We had a strong start to the year," said Steve Letwin, IAMGOLD President and CEO. "Our bottom line improved significantly over the previous year and net operating cash flow from continuing operations rose by 90%. We continued to focus on increasing operating margins and our all-in sustaining costs came in at $1,084 an ounce. Essakane's throughput increased 9% despite the high proportion of hard rock, Rosebel's all-in sustaining costs fell 8% with the continued success of its productivity improvement initiatives, and we're continuing to make progress on securing other sources of soft rock in and around the Rosebel operation. At Westwood, we achieved our production target and the rate of underground development is on track at approximately 2,100 metres a month. The Westwood team has done outstanding work to increase drilling productivity and we're confident we can maintain the pace to a full ramp-up in 2019.
"To help fund development work at Westwood we raised $30 million through the issuance of flow through shares," continued Mr. Letwin. "And we took advantage of the upturn in the gold price to sell our investment in gold for $170 million, which was a 75% return on investment. At the end of the quarter we had approximately $660 million in cash. Subsequently in April, Ressources Québec joined our credit facility with a C$50 million commitment. Our strong liquidity provides flexibility to invest in future profitable growth opportunities."
First Quarter 2016 Highlights

Attributable gold production and attributable gold sales of 191,000 ounces.

All-in sustaining costs¹ of $1,084/oz sold.

Total cash costs¹ of $746/oz produced.

Net earnings from continuing operations attributable to equity holders of $53.1 million was up $69.6 million from Q1/15, primarily due to the gain on the sale of gold bullion.

Net cash from operating activities from continuing operations of $51.4 million, up 90% from Q1/15.

Cash, cash equivalents and restricted cash were $658.1 million at March 31, 2016.

Sold investment in 135,148 ounces of gold bullion at an average price of $1,260 an ounce for net proceeds of $170.3 million, representing a $72.9 million gain over book value.

Received $30.3 million in net proceeds through the issuance of flow through shares to fund development work at Westwood in 2016.

Ramp-up of underground development at Westwood on track.

Maintaining 2016 production guidance of 770,000 to 800,000 attributable ounces at all-in sustaining costs of $1,000 to $1,100 an ounce.

_______________________________