Nov 13 (Reuters) - Iamgold Corp reported a 56 percent rise in quarterly profit, helped by higher derivative gains, and the Canadian gold miner cut its 2012 capital expenditure forecast on delays in expansion at two of its mines in Africa.
Iamgold’s net earnings from continuing operations attributable to equity holders rose to $78 million, or 21 cents per share, in the third quarter from $50 million, or 13 per share, a year earlier.
Revenue fell 10 percent to $386.8 million on lower gold sales.
Gold production declined to 205,000 ounces from 222,000 ounces as the company mined lower-grade ore at its Essakane mine in Burkina Faso.
Total cash costs rose 5 percent to $710 per ounce due to the lower grades, the company said.
Iamgold cut its capital expenditure forecast for the year to $750 to $780 million from its previous forecast of $800 to $840 million as it expects delays in expansion plans for its Sadiola mine in Mali and the Essakane mine.
Shares of the company closed at C$14.88 on Tuesday on the Toronto Stock Exchange.