IAMGOLD(US:IAG)2023-02-17 16:51Financial Data and Key Metrics Changes - The company achieved revenue from continuing operations of $958.8 million, with sales of 555,000 ounces at an average realized price of $1,721 per ounce [21] - Net cash used in investing activities totaled $891.9 million, with $761.2 million attributed to continuing operations [22] - The company ended the quarter with approximately $408 million in cash and cash equivalents [48] Business Line Data and Key Metrics Changes - IAMGOLD produced 713,000 ounces of attributable gold in 2022, exceeding guidance of 650,000 to 700,000 ounces, driven by record production at Essakane [5][12] - Essakane produced 480,000 ounces of gold in 2022, marking its best year since operations began [6] - Westwood's gold production was 18,000 ounces in the fourth quarter, with expectations to produce between 70,000 to 90,000 ounces in 2023 [16] Market Data and Key Metrics Changes - Cash costs for 2023 are expected to be between $1,125 and $1,175 per ounce sold, reflecting a return to reserve grades at Essakane and elevated pricing for consumables [39] - All-in sustaining costs are projected to be in the range of $1,625 to $1,700 per ounce sold [14] Company Strategy and Development Direction - The company is focused on funding the construction of the Côté Gold project, which is over 70% complete and expected to reach initial production in early 2024 [12][44] - IAMGOLD is prioritizing capital allocation on key jurisdictions and value-accretive assets to enhance stakeholder value [37] - The company will not pursue the heap leach expansion and will instead focus on processing low-grade stockpiles through the CIL circuit [41] Management Comments on Operating Environment and Future Outlook - The security situation in Burkina Faso has deteriorated, impacting logistics and operations, but the company is taking proactive measures to ensure safety [40] - Management expressed optimism about the Côté Gold project, highlighting significant progress and the potential for it to become Canada's third-largest gold mine by production [44][45] Other Important Information - IAMGOLD completed strategic transactions that provided over $900 million in liquidity, enabling the company to meet funding requirements for Côté Gold [23] - The company has been recognized for its sustainability efforts, ranking fifth among sector peers by Moody's ESG solutions [13] Q&A Session Summary Question: Is the heap leach material currently included in reserves and resources? - Management clarified that the heap leach material is not included in reserves or resources and will provide more clarity in a new technical report by midyear [26][29] Question: What is the expected mine life given the halt on heap leach expansion? - Management indicated that the mine life could stand around 2026-2027, pending further drilling data and resource model updates [30] Question: What is the current cash position? - Management confirmed that pro forma cash, assuming receipt of funds from Boto and South America, is roughly $1 billion [31][54] Question: What is the situation in Burkina Faso regarding security and operations? - Management acknowledged the deteriorating security situation but emphasized ongoing investments in safety and infrastructure [40][63]