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Guidance

2021 PRODUCTION AND COST OUTLOOK

IAMGOLD Full Year Attributable Guidance 1 2021
Essakane (000s oz) 365 - 390
Rosebel (000s oz) 220 - 245
Westwood (000s oz) 45 - 65
Total attributable production (000s oz) 630 - 700
 

Cost of sales2 ($/oz) $980 - $1,030
 

Total cash costs3,4 ($/oz) $930 - $980
 

All-in sustaining costs3,4 ($/oz) $1,230 - $1,280

 

  1. 2021 guidance is based on 2021 full year assumptions with an average realized gold price of $1,750 per ounce, USDCAD exchange rate of 1.30, EURUSD exchange rate of 1.19 and average crude oil price of $47 per barrel.
  2. Cost of sales, excluding depreciation, is on an attributable ounce sold basis (excluding the non-controlling interests of 10% at Essakane and 5% at Rosebel).
  3. This is a non-GAAP measure.
  4. Consists of Essakane, Rosebel, and Westwood on an attributable basis.

As noted in the above table, our production guidance of 630,000 to 700,000 ounces reflects assumptions for Westwood subject to a business continuity assessment as well as lower ore availability and higher planned stripping at Rosebel. The global COVID-19 crisis is expected to continue to affect our operations, including incremental costs and productivity impacts. While the precise impact continues to evolve, the impact could be significant in future periods, affecting our guidance for future years.

All-in sustaining cost guidance of $1,230 to $1,280 per ounce for 2021 reflects ongoing efforts to improve productivity and optimize performance across all the sites. Readers are reminded that the guidance we provide is annual and that quarterly variation is normal.

2021 CAPITAL EXPENDITURE OUTLOOK

($ millions)
Sustaining 1

Non-sustaining
(Development/
Expansion) 2


Total
Essakane $ 60
$ 90
$ 150
Rosebel
50

75

125
Westwood
10

10

20
Total Operating Mines $ 120
$ 175
$ 295
 

 

 

 
Côté Gold Project (70%)
-

355

355
Boto Gold Project
-

60

60
 

 

 

 
Total3,4,5 (±5%) $ 120
$ 590
$ 710

 

  1. Sustaining capital includes capitalized stripping of $10 million for Essakane.
  2. Non-sustaining capital includes capitalized stripping of $65 million for Essakane and $45 million for Rosebel.
  3. Includes $13 million of capitalized exploration and evaluation expenditures. See 2021 Exploration Plan table in the following section.
  4. Capitalized borrowing costs are not included.
  5. In addition to the above capital expenditures, $23 million in total principal lease payments are expected.

In 2021, we expect capital spending to be $710 million ± 5%. The increase in spending over 2020 reflects Côté construction spending primarily focused on major earthworks and infrastructure, expected higher capitalized stripping at both Essakane and Rosebel as a result of COVID-19 related impacts in 2020 on life-of-mine pit sequencing and Boto de-risking activities. Detailed development project updates are expected to be provided with fourth quarter 2020 operating and financial results on February 17th, 2021.

Non-Sustaining

Rosebel's non-sustaining capital of $75 million includes the completion of non-critical path items related to Saramacca construction, targeted for completion in the first half of 2021, and non-sustaining capitalized stripping of $45 million. Essakane's non-sustaining capital of $90 million primarily comprises $65 million in capitalized stripping for future production and the completion of the mill optimization project, targeted for completion early in the second quarter of 2021. Westwood's non-sustaining capital of $10 million is primarily for underground development.

Sustaining Capital

Sustaining capital guidance of $120 million and is expected to be higher than the amount expended in 2020. Total sustaining capitalized stripping of $10 million is included in sustaining capital and is also expected to be slightly higher than in 2020. Both increases reflect resequencing of activities from 2020.

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