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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.]



SIGNATURES

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

 
   
Date: February 18, 2003   By:  /s/ Larry Phillips
        LARRY E. PHILLIPS
        VICE-PRESIDENT, GENERAL COUNSEL

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GRAPHIC   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.

 
  Gold Produced
Operation (100% Basis)

  2002 Actual
  2003 Outlook
 
   
  (000 ozs)
Sadiola   480   444
Yatela   270   235
Tarkwa   523   548
Damang (1)   285   286

(1)
11 months only.

TOTAL CASH COSTS
(US$/oz)

 
  2002 Actual
  2003 Outlook
Operation (100% Basis)

  Direct Cash Cost
  Adjustments*
  Total Cash Cost
  Direct Cash Cost
  Adjustments*
  Total Cash Cost
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

*
Adjustments to direct cash costs include stockpile, fixed stripping and gold in process.

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$
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)

 
   
   
  Resources (Moz)
 
  Reserves (Moz)
  Measured and Indicated
  Inferred
Mine

  100%
  IMG's Share
  100%
  IMG's Share
  100%
  IMG's Share
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
   
 
 
 
 
 

(1)
Measured and indicated resources include reserves.

(2)
At US$325 per ounce gold.

(3)
Using a sensitivity analysis at US$325 per ounce gold on a reserve calculation carried out at US$285 per ounce.

SADIOLA RESERVES (1)
(as of December 31, 2002)

Category

  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
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
   
 
 
 

(1)
Using the J.O.R.C. Code at US$325/oz gold. Cut-off grades calculated for Plant Grade Ore [0.96g/t (oxide), 1.36g/t (sulphide)], Upper Marginal Ore [0.85g/t (oxide), 1.23g/t (sulphide)] and Lower Marginal Ore [0.5g/t (oxide), 0.78g/t (sulphide)].

(2)
No grade control reconciliation factor has been applied to the reserves but a +5% factor was applied to the grade of oxide ore from the Sadiola pit for the purpose of Life-of-Mine planning.

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(3)
Plant recovery is assumed to be 95% for oxides and 76% for sulphides.

(4)
All the reserves in the "Proved" category are stockpile material. All the reserves classified as "Probable" are in-pit.

SADIOLA MEASURED AND INDICATED RESOURCES (1)
(as of December 31, 2002)

Category

  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
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
   
 
 
 

(1)
Measured and indicated resources include proved and probable reserves.

(2)
A cut-off of 0.7 g/t was used for the Sadiola pit within a US$400/oz pit shell. For hard material below this US$400/oz pit shell, a cut-off of 1.4 g/t was used.

(3)
Measured resources include stockpiles at a cut-off of 0.7 g/t for Sadiola main pit.

(4)
A cut-off of 0.7 g/t within a US$400/oz pit shell was used for FE-3 and FE-4.

SADIOLA INFERRED RESOURCES
(as of December 31, 2002)

Category

  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
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
   
 
 
 

(1)
A cut-off of 0.7 g/t was used for the Sadiola pit within a US$400/oz pit shell. For hard material below this US$400/oz pit shell, a cut-off of 1.4 g/t was used.

(2)
The inferred resources from satellite oxide deposits are from FE-4, Tambali South, FE-2, FN-3 and Sekokoto.

(3)
A cut-off of 0.7 g/t within a US$400/oz pit shell was used for FE-4. For the other satellite deposits, a cut-off of 0.7 g/t without any pit shell was used.

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RECONCILIATION OF SADIOLA RESERVES
(Dec. 31, 2001 vs. Dec. 31, 2002)

 
  Contained Gold
 
 
  Tonnes
  Million
ozs

 
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  
   
 
 

(1)
The addition of reserves were added in the main pit due to 2002 drilling.

(2)
The subtraction consists of: 6.0 t of reserves subtracted from reserves in the Sadiola Pit due to removal of the 8% grade control factor. 1.2 t of reserve subtracted as a result of a stockpile adjustment due to change in density of the siliceous oxide and hard sulphide stockpiles. 0.7 t subtracted from reserve due to various unaccounted minor factors.

YATELA RESERVES
(as of December 31, 2002)

Category

  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
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
   
 
 
 

(1)
Using the J.O.R.C. Code at US$325/oz gold and economic mining cut-off of 1.17 g/t.

(2)
Recovery is assumed to be 85% for oxides and 75% for sulphides.

YATELA MEASURED AND INDICATED RESOURCES (1)
(as of December 31, 2002)

Category

  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
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
   
 
 
 

(1)
Measured and indicated resources include proved and probable reserves.

(2)
For the Yatela pit, cut-offs of 0.6 g/t within a US$350/oz pit and 1.4 g/t for hard material below that pit were used. For Alamoutala, a cut-off of 1.0 g/t was used within a US$350/oz limiting pit shell.

(3)
Measured resources include stockpiles at a cut-off of 0.5 g/t.

5


YATELA INFERRED RESOURCES
(as of December 31, 2002)

Category

  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
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
   
 
 
 

(1)
For the Yatela pit, cut-offs of 0.6 g/t within a US$350/oz pit shell and 1.4 g/t for hard material below that pit shell were used.

(2)
For Alamoutala, a cut-off of 1.0 g/t was used within US$350/oz limiting pit shell.

RECONCILIATION OF YATELA RESERVES
(Dec. 31, 2001 vs. Dec. 31, 2002)

 
  Contained Gold
 
 
  Tonnes
  Million
ozs

 
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  
   
 
 

(1)
Addition of Alamoutala pit.

(2)
Removal of stockpiled material and in-place reserve due to increase in cutoff grade.

TARKWA RESERVES (1)
(as of June 30, 2002)

Category

  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
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
   
 
 
 

(1)
Using the SAMREC Code at US$285/oz gold, based on heap leach, mill and owner mining cost.

(2)
Low-grade operational stockpiles included in proved reserves.

TARKWA RESERVE SENSITIVITY TO GOLD PRICE

 
  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
@ 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
 
  (Mt)
  (g/t)
  (t)
  (Moz)
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
   
 
 
 

(1)
Measured and indicated resources include reserves.

(2)
Indicated resource includes 26.9M tonnes of shallow underground resource at 2.0 g/t cut-off (2.7 million ounces).

TARKWA INFERRED RESOURCES
(as of June 30, 2002)

Category

  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
Inferred(1)   52.6   2.8   147.3   4.7
   
 
 
 
Total Inferred Resources   52.6   2.8   147.3   4.7
   
 
 
 

(1)
Includes 43.7 million tonnes of shallow underground resources at 2 g/t cut-off (4.4 million ounces).

DAMANG RESERVES (1)
(as of June 30, 2002)

Category

  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
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
   
 
 
 

(1)
Using the SAMREC Code at US$285/oz gold.

(2)
Low-grade operational stockpiles included in proved reserves

DAMANG RESERVE SENSITIVITY TO GOLD PRICE

 
  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
@ US$325/oz   23.6   1.7   40.1   1.3
   
 
 
 

7


DAMANG MEASURED AND INDICATED RESOURCES (1)
(as of June 30, 2002)

Category

  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
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
   
 
 
 

(1)
Measured and indicated resources include reserves

DAMANG INFERRED RESOURCES
(as of June 30, 2002)

Category

  Tonnes
  Grade
  Gold
  Gold
 
  (Mt)
  (g/t)
  (t)
  (Moz)
Inferred   2.6   1.8   4.7   0.2
   
 
 
 
Total Inferred Resources   2.6   1.8   4.7   0.2
   
 
 
 

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SIGNATURES
IAMGOLD CORPORATION SEC No. 001-31528
IAMGOLD REPORTS 2002 PRODUCTION AND RESERVES/RESOURCES