Iamgold names Adams as President and CEO

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Iamgold Corp [IMG-TSX, IAG-NYSE] has announced the appointment of Renaud Adams as its President and CEO, effective April 3, 2023.

He will replace Chair of the Board Maryse Belanger, who was acting as Interim President and CEO during the executive search process and will also serve as a member of the board of directors. Maarten Theunissen, has also been named permanent CFO, having already served as Interim CFO since September, 2022.

Adams has over 30 years of global mining experience in senior executive positions and operations, as well as strategic and capital markets experience. He was President and CEO of New Gold Inc. (NGD-TSX, NYSE American) from 2018 to 2022 and President and CEO of Richmont Mines from 2014 to 2017.

Iamgold shares declined on the news, easing 2.8% or $0.09 to $3.31 on volume of 348,130. The shares are currently trading in a 52-week range of $4.74 and $1.26.

Iamgold is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. The company is building the long- life Cote project with partner Sumitomo Metal Mining Co. Ltd. of Japan. In October, 2022, the company said it had agreed to sell its interest 95% interest in Rosebel Gold Mines in Suriname to Zijin Mining Group Co. Ltd. for US$360 million.

The deal left Iamgold with the Essakane mine in Burkina Faso, West Africa and the Westwood mine in Canada in addition to the Cote gold project in Ontario.

The company said attributable gold production from continuing operations, excluding Rosebel, was 116,000 ounces in the fourth quarter and 499,000 ounces for the year.

Belanger previously said 2023 will be a pivotal year for the company as it continues to focus on development of the Cote gold project, which is 73% complete.

The prediction was contained in a press release containing Iamgold’s financial and operating results for the fourth quarter and year ended December 31, 2022.

“We remain on track to commence production at Cote early next year and are eager to showcase what will be Canada’s third largest gold mine by production,’’ Belanger said.

In its outlook for 2023, the company said attributable gold production for the year, excluding Rosebel, is expected to be in the range of 410,000 to 470,000 ounces, including 340,000 to 380,000 ounces at Essakane and 70,000 to 90,000 ounces at Westwood.

The all-in-sustaining cost (AISC) per ounce sold is expected to be in the range of US$1,625 to US$1,700 per ounce. The estimate includes assumptions related to the escalated pricing levels of certain consumables as experienced during the second half of 2022, the company said.

In an updated mineral reserve and resource statement, Iamgold said its attributable reserves currently stand at 11.6 million ounces of gold. Attributable measured and indicated resources stand at 24.1 million ounces of gold.

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