SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Dated February 18, 2003
IAMGOLD Corporation
(Translation of Registrant's Name Into English)
2820 Fourteenth Avenue
Markham, Ontario, Canada L3R 0S9
(Address of Principal Executive Offices)
February 18, 2003: Press Release: IAMGOLD reports 2002 Production and Reserves/Resources
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F o Form 40-F ý
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes o No ý
[This report furnished on Form 6-K shall be incorporated by reference into each of the Registration Statements under the Securities Act of 1933 of the registrant.]
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
IAMGOLD CORPORATION SEC No. 001-31528
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Date: February 18, 2003 | By: /s/ Larry Phillips LARRY E. PHILLIPS VICE-PRESIDENT, GENERAL COUNSEL |
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IAMGOLD Corporation 2820 Fourteenth Avenue, Markham, Ontario, Canada L3R 0S9 Ph: 905 477 4220 Fx: 905 477 4426 Toll free: 1 888 IMG 999 E-mail: info@iamgold.com website: www.iamgold.com |
TSE Trading Symbol: | IMG | |||
AMEX Trading Symbol: | IAG | |||
52 Week Trading Range: | CDN $4.01 $8.75 | |||
Total Shares Outstanding: | 143.3 million | |||
Fully Diluted: | 150.7 million | |||
FOR IMMEDIATE RELEASE: February 18, 2003 |
No. 03/03 |
IAMGOLD REPORTS 2002 PRODUCTION AND RESERVES/RESOURCES
Highlights:
For further information contact:
Joseph F Conway, President and Chief Executive Officer or Grant A Edey, VP Finance, and Chief Financial Officer
or Joanne Jobin, Director of Investor Relations
Ph: 905 477 4420 Fx: 905 477 4426 Toll Free: 1 888 IMG 9999
Please note:
This entire press release may be requested to be sent via fax or e-mail,
or accessed on IAMGOLD's website at www.iamgold.com and through Canada Newswire's website at www.newswire.ca
If you wish to be placed on IAMGOLD's e-mail press release list please contact us at info@iamgold.com
Markham, Ontario, February 18, 2003 IAMGOLD Corporation (TSX:IMG, AMEX:IAG) is pleased to announce its operational results for the year ended 2002 and its updated reserve and resource figures. The Company's full financial results will be released in March 2003.
2002 PRODUCTION / 2003 OUTLOOK
IAMGOLD holds interests in four operating gold mines: Sadiola (38%) and Yatela (40%) in Mali and Tarkwa and Damang (each 18.9%) in Ghana. The 2002 production figures for these mines are summarized in the table below, as well as the outlook for 2003. IAMGOLD's share of total production in 2002 was 443,000 ounces and in 2003 it is forecast to be 421,000 ounces. This year will be a transition year at Sadiola (continued change-over from oxide to sulphide ore) but total production is expected to rise in 2004.
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Gold Produced |
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Operation (100% Basis) |
2002 Actual |
2003 Outlook |
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(000 ozs) |
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Sadiola | 480 | 444 | ||
Yatela | 270 | 235 | ||
Tarkwa | 523 | 548 | ||
Damang (1) | 285 | 286 |
TOTAL CASH COSTS
(US$/oz)
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2002 Actual |
2003 Outlook |
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Operation (100% Basis) |
Direct Cash Cost |
Adjustments* |
Total Cash Cost |
Direct Cash Cost |
Adjustments* |
Total Cash Cost |
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Sadiola | 172 | (8 | ) | 164 | 198 | (2 | ) | 196 | ||||
Yatela | 187 | (10 | ) | 177 | 217 | (11 | ) | 206 | ||||
Tarkwa | 203 | (14 | ) | 189 | 210 | 17 | 227 | |||||
Damang (1) | 221 | 6 | 227 | 218 | 21 | 239 |
SADIOLA FINANCIAL INSTRUMENTS
The Sadiola gold mine hedge book is non-recourse to IAMGOLD. The Company does not undertake any corporate hedging activity. The following provides details of the Sadiola gold mine hedge position at December 31, 2002.
SADIOLA FINANCIAL INSTRUMENTS (100%)
(as at December 31, 2002)
Year |
Call Options Sold Forward |
Average Price US$ |
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2003 | 30,000 | 385 | ||
2004 | 30,000 | 385 | ||
TOTAL | 60,000 | 385 | ||
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The Sadiola mine has no forward sales remaining and no intention to enter into such sales at this time. IAMGOLD's share of the book is 38% of the reported numbers. The Yatela mine is unhedged. There is no intention to enter into any financial instruments at Yatela.
RESERVES AND RESOURCES
The reserves and resources for Sadiola and Yatela as of December 31, 2002 and for Tarkwa and Damang as of June 30, 2002 are shown in the accompanying tables. In the case of Sadiola and Yatela, mine staff calculated the resources and reserves and AngloGold personnel audited the figures. The Competent Persons involved were M.A. Thiel, E.J. Smuts, R. van der Westhuizen, T. Gell, C. Marshall, B. Parsons, V. Chamberlain and D. Worrall. For Tarkwa and Damang, the reserve and resource figures were prepared by Gold Fields Ltd and the Competent Person who supervised the work is G.S.G. Chapman.
IAMGOLD's share of the total reserves of its four operating mines is 3.6 million ounces (see accompanying table) using a gold price of US$325/oz for Sadiola and Yatela and a sensitivity analysis at US$325/oz gold on a reserve calculation carried out at US$285/oz for Tarkwa and Damang.
SUMMARY TABLE OF RESERVES AND RESOURCES (1)
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Resources (Moz) |
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Reserves (Moz) |
Measured and Indicated |
Inferred |
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Mine |
100% |
IMG's Share |
100% |
IMG's Share |
100% |
IMG's Share |
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Sadiola (2) | 3.0 | 1.1 | 3.8 | 1.4 | 9.6 | 3.6 | ||||||
Yatela (2) | 1.3 | 0.5 | 1.5 | 0.6 | 0.3 | 0.1 | ||||||
Tarkwa (3) | 9.0 | 1.7 | 14.2 | 2.7 | 4.7 | 0.9 | ||||||
Damang (3) | 1.3 | 0.3 | 1.6 | 0.3 | 0.2 | 0.1 | ||||||
Total | 14.6 | 3.6 | 21.1 | 5.0 | 14.8 | 4.7 | ||||||
SADIOLA RESERVES (1)
(as of December 31, 2002)
Category |
Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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Proved | 6.3 | 1.8 | 11.5 | 0.4 | ||||
Probable | 25.5 | 3.2 | 82.5 | 2.6 | ||||
Total Reserves | 31.8 | 3.0 | 94.0 | 3.0 | ||||
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SADIOLA MEASURED AND INDICATED RESOURCES (1)
(as of December 31, 2002)
Category |
Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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Sadiola Open Pit and Periphery (2) | |||||||||
Measured (3) | 16.4 | 1.8 | 29.1 | 0.9 | |||||
Indicated | 31.3 | 2.6 | 80.8 | 2.6 | |||||
Total "Pit" Resources | 47.7 | 2.3 | 109.9 | 3.5 | |||||
Satellite Oxide Deposits (4) | |||||||||
Measured | 0.2 | 2.5 | 0.6 | 0.0 | |||||
Indicated | 3.8 | 2.7 | 10.2 | 0.3 | |||||
Total "Satellite" Resources | 4.0 | 3.0 | 10.8 | 0.3 | |||||
Total Measured & Indicated Resources (1) | 51.7 | 2.4 | 120.7 | 3.8 | |||||
SADIOLA INFERRED RESOURCES
(as of December 31, 2002)
Category |
Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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Sadiola Open Pit and Periphery (1) | 125.9 | 2.3 | 284.4 | 9.1 | ||||
Satellite Oxide Deposits (2)(3) | 11.7 | 1.3 | 15.6 | 0.5 | ||||
Total Inferred Resources | 137.6 | 2.2 | 300.0 | 9.6 | ||||
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RECONCILIATION OF SADIOLA RESERVES
(Dec. 31, 2001 vs. Dec. 31, 2002)
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Contained Gold |
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Tonnes |
Million ozs |
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Reserves Dec 31, 2001 | 117.3 | 3.8 | |||
Depletion in 2002 | 17.6 | 0.5 | |||
Additions (1) | 2.2 | 0.1 | |||
Other (2) | (7.9 | ) | (0.2 | ) | |
Reserves Dec 31, 2002 | 94.0 | 3.0 | |||
YATELA RESERVES
(as of December 31, 2002)
Category |
Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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Proved | 1.4 | 1.5 | 2.1 | 0.1 | ||||
Probable | 9.8 | 3.8 | 36.8 | 1.2 | ||||
Total Reserves | 11.2 | 3.5 | 39.0 | 1.3 | ||||
YATELA MEASURED AND INDICATED RESOURCES (1)
(as of December 31, 2002)
Category |
Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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Measured (2)(3) | 2.2 | 1.3 | 2.8 | 0.1 | ||||
Indicated (2) | 13.9 | 3.1 | 43.4 | 1.4 | ||||
Total Measured and Indicated Resources (1) | 16.1 | 2.9 | 46.2 | 1.5 | ||||
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YATELA INFERRED RESOURCES
(as of December 31, 2002)
Category |
Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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Main Pit (1) | 2.9 | 1.3 | 3.7 | 0.1 | ||||
Alamoutala (2) | 2.5 | 2.3 | 5.7 | 0.2 | ||||
Total Inferred Resources | 5.4 | 1.8 | 9.4 | 0.3 | ||||
RECONCILIATION OF YATELA RESERVES
(Dec. 31, 2001 vs. Dec. 31, 2002)
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Contained Gold |
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Tonnes |
Million ozs |
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Reserves Dec 31, 2001 | 43.6 | 1.4 | |||
Depletion in 2002 | 7.2 | 0.2 | |||
Additions (1) | 5.9 | 0.2 | |||
Other (2) | (2.5 | ) | (0.1 | ) | |
Reserves Dec 31, 2002 | 39.8 | 1.3 | |||
TARKWA RESERVES (1)
(as of June 30, 2002)
Category |
Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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Proved (2) | 60.9 | 1.4 | 85.3 | 2.8 | ||||
Probable | 89.6 | 1.3 | 116.5 | 3.8 | ||||
Total Reserves | 150.6 | 1.4 | 201.8 | 6.5 | ||||
TARKWA RESERVE SENSITIVITY TO GOLD PRICE
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Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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@ US$325/oz | 217 | 1.3 | 282.1 | 9.0 |
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TARKWA MEASURED AND INDICATED RESOURCES (1)
(as of June 30, 2002)
Category |
Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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Measured | 171.8 | 1.5 | 255.3 | 8.2 | ||||
Indicated (2) | 105.5 | 1.8 | 189.9 | 6.0 | ||||
Total Measured and Indicated Resources | 277.3 | 1.6 | 445.2 | 14.2 | ||||
TARKWA INFERRED RESOURCES
(as of June 30, 2002)
Category |
Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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Inferred(1) | 52.6 | 2.8 | 147.3 | 4.7 | ||||
Total Inferred Resources | 52.6 | 2.8 | 147.3 | 4.7 | ||||
DAMANG RESERVES (1)
(as of June 30, 2002)
Category |
Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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Proved (2) | 15.0 | 1.8 | 26.5 | 0.8 | ||||
Probable | 5.8 | 1.9 | 11.0 | 0.4 | ||||
Total Reserves | 20.8 | 1.8 | 37.5 | 1.2 | ||||
DAMANG RESERVE SENSITIVITY TO GOLD PRICE
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Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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@ US$325/oz | 23.6 | 1.7 | 40.1 | 1.3 | ||||
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DAMANG MEASURED AND INDICATED RESOURCES (1)
(as of June 30, 2002)
Category |
Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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Measured | 17.1 | 1.8 | 31.0 | 1.0 | ||||
Indicated | 10.0 | 2.0 | 20.0 | 0.6 | ||||
Total Measured and Indicated Resources | 27.1 | 1.9 | 51.0 | 1.6 | ||||
DAMANG INFERRED RESOURCES
(as of June 30, 2002)
Category |
Tonnes |
Grade |
Gold |
Gold |
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(Mt) |
(g/t) |
(t) |
(Moz) |
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Inferred | 2.6 | 1.8 | 4.7 | 0.2 | ||||
Total Inferred Resources | 2.6 | 1.8 | 4.7 | 0.2 | ||||
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