UPDATE: IAMGOLD Posts 2012 Reserves, Resources Update


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IAMGOLD Corporation (IMG.TO), which fell 6% and hit year lows Wednesday, overnight announced its 2012 year-end mineral reserve and resource statement. Highlights include:

- Attributable proven and probable gold reserves for the end of 2012 were 11.3 million ounces, compared to 13.3 million ounces at the end of 2011. Reserves were down by 2%, excluding Quimsacocha (1.7 million ounces) which was sold in 2012, and Rosebel updating its December 2011 reserves (net of 2012 depletion) until the ongoing Feasibility Study is finalized.

- Attributable measured and indicated resources (inclusive of reserves) for 2012 were 22.6 million ounces, a net increase of 24% or 4.4 million ounces from the end of 2011, primarily due to the acquisition and further infill and exploration drilling at Cote Gold.

- Attributable inferred resources at 6.1 million ounces increased by a net 0.3 million ounces in 2012.

- Probable mineral reserves of niobium for the end of 2012 increased slightly from a year earlier to 1,768 million kilograms of contained Nb2O5.

- Total indicated resources of Total Rare Earth Oxides was delineated by diamond drilling in 2012 and are now estimated at 531 million tonnes at an average grade of 1.64% TREO representing 8.7 billion kilograms of contained TREO. An additional 527 million tonnes of inferred resources at an average grade of 1.83% TREO representing 9.7 billion kilograms of contained TREO was delineated.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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