April 21, 2011 / 5:41 PM / in 7 years

UPDATE 1-Iamgold Q1 gold production up 41 percent

April 21 (Reuters) - Mid-tier gold miner Iamgold’s quarterly gold production rose 41 percent on strong performance at its largest assets, the Rosebel mine in Suriname and Essakane mine in Burkina Faso.

Toronto-based Iamgold, which also has mines in Canada, South America and Africa, said gold production came in at 290,000 attributable ounces at a cash cost of $570 to $580 per ounce.

The company produced 206,000 ounces of gold at average cash cost of $524 per ounce, last year.

Niobium production for the first quarter came in at 1.1 million kilograms at a margin which was within the company’s outlook of $15-$17 per kilogram, it said in a statement. Iamgold produced 1.2 million kilograms of niobium, last year.

Last week, Iamgold had agreed to sell its 18.9 percent interest in the Tarkwa and Damang gold mines in Ghana to Gold Fields , the world’s fourth-largest gold producer, for $667 million in cash. [ID:nL3E7FF1UX]

Shares of Iamgold were trading up 1.36 percent at C$19.40 on Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Joyjeet Das)

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