Aug 13 (Reuters) – Canada’s Iamgold Corp said on
Monday that its second-quarter earnings from continuing
operations fell about 29 percent as it incurred higher mining
costs.
The gold miner’s earnings from continuing operations
attributable to equity shareholders fell to $52.9 million, or 14
cents per share, from $74.5 million, or 20 cents per share, in
the year-earlier period.
Adjusted earnings were $74 million, or 20 cents per share.
Analysts on average had expected earnings of 21 cents per
share, according to Thomson Reuters I/B/E/S.
Revenue rose 19 percent to $410.6 million driven by higher
gold sales and gold prices.
Mining costs for the quarter rose 25 percent to $250.1
million.
In June, Iamgold closed its C$608 million ($612.19
million)takeover of Trelawney Mining, giving the Toronto-based
miner control of the Cote Lake gold project in Northern Ontario.
Iamgold has operations in West Africa, South America and
Canada.
Shares of the company closed at C$11.18 on the Toronto Stock
Exchange on Monday.
