Canadian gold miner Iamgold has posted an increase in adjusted net earnings of $29.8-million, or $0.06 a share, up $0.5-million from 2017, the company reported after the market closed on Wednesday.
Revenue increased by $16.1-million in the year to $1.11-billion and gross profit increased to $136.9-million.
However, owing to reversals of impairment charges related to the Cote gold project and the Rosebel mine totalling $524.1-million, Iamgold posted a net loss of $28.2-million, or $0.06 a share, compared with earnings of $501.6-million, or $1.08 a share, in 2017.
Iamgold has deferred the construction of the 372 000 oz/y Cote mine, in Ontario, until market conditions improved.
Attributable gold production of 882 000 gold-equivalent ounces were reported including a record 405 000 oz at Essakane, in Burkina Faso.