Why IAMGOLD Stock Is Selling Off Today
Shares of IAMGOLD (NYSE: IAG) slumped more than 16% by 12:15 p.m. EDT on Thursday. Driving down the gold mining stock were its second-quarter results.
IAMGOLD reported an adjusted net loss of $15.5 million, or $0.03 per share, which was $0.02 per share more than analysts expected. Driving the bigger-than-expected loss was a combination of lower production and higher costs. Overall, the company produced 198,000 ounces of gold, which was 4% below the prior-year period. Gold sales, meanwhile, were lower than production at 187,000 ounces due to inventory timing issues at its Rosebel mine. As a result, the company's all-in sustaining costs (AISC) rose 5% to $1,132 an ounce. That cut into the company's margins, since it only realized $1,314 per ounce of gold sold during the quarter.
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