Record Cash Flow Generation
IAMGOLD reported record mine site free cash flow of $292.5 million in the third quarter, driven by high production levels following the ramp-up of projects and increased exposure to the gold price during a record high gold price environment.
Strong Production at Cote Gold
Cote Gold mine produced a record 106,000 ounces in the third quarter on a 100% basis. The plant maintained stable performance with a successful first full shutdown in August.
Improved Safety Metrics
The total recordable injury rate improved by 15% year-over-year on a 12-month rolling average, comparing well with industry peers.
Significant Debt Reduction
Net debt was reduced by $210.7 million, bringing it down to $813.2 million by the end of the third quarter.
Share Buyback Program Initiation
The Board approved a share buyback program allowing for the purchase of up to approximately 10% of IAMGOLD's outstanding common shares, reflecting management's confidence in the company's long-term value.