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Iamgold's Q2 adjusted earnings fall below estimates on lower gold sales, prices

TORONTO - Iamgold Corp. (TSX:IMG) has reported a US$16-million net loss and $8.8 million in adjusted earnings for the second quarter.

The adjusted earnings, reported in U.S. currency, amounted to two cents per share, a penny below analyst estimates.

The adjusted profit was also down from eight cents per share or $30.2 million a year earlier.

Iamgold's net loss under standard accounting was improved compared with the second quarter of 2013, when it lost $28.4 million or eight cents per share. The company said it benefited from a number of factors including reduced impairment on its marketable securities, lower income taxes, lower expenses and a smaller writedown of receivables.

The Toronto-based company's revenue dropped to $288.6 million from $301.1 million as both sales volume and average realized price for gold fell from a year earlier.

Iamgold sold 192,000 ounces in the three months ended June 30, down from 201,000 ounces in the second quarter of 2013. The average realized price was US$1,288 per ounce, down from $1,373.

The company noted that the all-in sustaining costs at its gold mines in the quarter were US$1,136 an ounce, down five per cent from the previous quarter and below Iamgold's guidance range.

Gold production also increased 20 per cent from the first quarter, to 206,000 ounces, with expanded capacity at the Essakane mine.

Iamgold maintained its 2014 guidance for its gold operations and raised production guidance for the Niobec niobium operations to a range of between 5.2 million and 5.5 million kilograms, up about nine per cent at the mid-point.

Niobium is a silvery metalic element used in steel alloys, arc welding and superconductors.

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