Iamgold posts strong net earnings for Q2

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Canadian gold-miner Iamgold increased net earnings in the second quarter to P219 million, compared with a loss of P535 million a year earlier when it took a P616-million impairment charge related to its Mupane Mine near Francistown.

The BSE-listed company said in a statement that stripping out the effects of the impairment, profit rose 169 percent year-on-year, thanks to higher gold and niobium prices as well as slightly increased production levels.

Iamgold realised an average gold price of P5,777/oz compared with P4342/oz in the same period a year ago, and gold production rose to 255, 000 oz, from 251, 000 oz in the second quarter of 2007.

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