IAMGOLD (IAG) 5 Aug 212021 Q2 Earnings call transcript

Thank you for standing by. This is the conference operator. Welcome to the IAMGOLD Second Quarter 2021 Operating and Financial Results Conference Call and Webcast.

As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions [Operator Instructions]. would Vice turn Corporate President, IAMGOLD. I to conference Communications time, Gopinathan, Indi Investor this like the to over for At Relations and go Please Ms. ahead, Gopinathan.

XXXX to you, IAMGOLD Thank welcome, financial everyone, And second conference Gaylene. quarter operating call. and results the

on today Gordon are Officer; call Chief and Chief Stothart, Vice Dimitrov, Executive the President and Financial Executive me Joining President Daniella Officer.

that will forward-looking the refer to and language regarding information Our to our during Please be cautionary our remarks the the same statements. advised on language applies call. include forward-looking this documents in call disclosure remarks cautionary

information on qualified referenced, slides During reconciliations we the the call, on and to be viewed call to non-GAAP measures disclosures be our The information you will slide. and this Stothart. President these the website. our be discussed, can CEO, technical I review technical now With refer respect and the referenced our person to Gordon relating measures. direct over in to to will turn call the to please

thank you for everyone, joining and you, thank morning, us. Indi. Well, Good

XXXX increased U.S. the spending sustaining to at and euro output guidance and million, of are Essakane was Rosebel. year. to due partially we dollar. Gold. the of to reflect capital increases primarily the be the capital Total of expenditures for due on in level, pressures estimated the production, discussion $XX during to anticipated expected due by in The second-half in increased capital and to expected cost reflects and lower Boto a for by increase and today. increase reduction IAMGOLD, adjusted Westwood generated costs cost capital in a dollar strategic both for cash of expected We Rosebel, stronger in about Essakane. Site mine-site second-half expenditure loss production or and walk $X.X production first-half to and and $X.X an million at now items touch I'll you their cash All-in extremely at free Gold's share. and this to million the through Attributable lower a in guidance Boto also period, expenditures guidance by are the $XXX challenging actual lower quarter XXXX work the are XXX,XXX slide. corporate higher our expected IAMGOLD ounces, versus was an million. between challenges sustaining This is second primarily Canadian unexpected $X.XX XXX,XXX XXXX the $XX per to will At to expenditures year. few million gold operating mitigations with of capital offset reduced lower production flow planned year from mainly

$X.XXX at will which billion, project, a release news of in the approximately prepayment arrangement XXXX billion more Côté project costs We perspective, have to to growth approximately $X.XXX with in detail $XXX total in quarterly and discuss we From equivalents recast investments, total update quarter, a based cash, and short-term rolled the cash from effectively our capital to as factors July adjusted liquidity. forward $X.X have And, we during our indicated and million in Gold shortly. XXXX gold I XXXX. billion update, Côté on number

And a targets We are than better metrics at continue over achieved to progress year. We've million Côté. project at X per accident completion the consolidated first-half also lost schedule quarter-end. of safety time company with achieving without XX% a the overall in hours tracking

employment At program local in community our is environmental, developed IBA zero first Co. The the focus $X.X practices, committed Senegal, by expecting with end company on in June, to communities, Ltd, we to districts related exploration Sumitomo Côté procurement Mining aimed work and the with and long in sign Ontario basic the that for of to meet of initially strategies. development implementation, our responding to over of which governance period. social to the focusing This of high to IBAs Côté. of to XXXX Metal harm de the were achieving held and investing continue the Boto the priority the project on the Métis an committed local risk program stakeholders done to empowerment reflect development communities, develop needs at the IAMGOLD Gosselin. Boto initiatives completes the Nation the in delineate long-term the the the XXXX We Gold infrastructure quarter is standards and project. vision. million Gold signing the company, of and activities local celebrated At to will the local and

proud and across and share the economic that the performance are at We best governance key the ESG companies. of all the based the in sectors, environmental, quarter, companies out XXth XX Xth IAMGOLD identifies sectors, AA placed corporate Corporate the MSCI in citizens all of And were released on IAMGOLD corporate its which in Canadian rating XX placing XX precious we XXX sector. to on indicators. across metals up upgraded assessment, Knights to mining to April, social, end of top XX% list, evaluated top

however, in among continued corresponding antigen an testing mandatory at proactive Suriname, in increase have we have in in mitigating sites, cases our of other cases did with Rosebel, management increase COVID-XX, controls. our we each COVID-XX now the and For of place

increase observation several no to number area, second the limited by at experienced our at remained activities. across cases impact additional testing quarter of and have operations COVID-XX offices this Subsequent of situation were operations, Boto although were previously for in released implemented, the Timmins monitored. being wave, protocols and small been a number material development Testing quarter. workers project an The impacts At experienced. the under and quarter, circulation being and the time, of contract does construction positive number and at Côté on during been constraints in a has tracing saw tested company undertaken, the during also expect sites before and cases globally heightened or the COVID-XX, isolation. not on remain second this end and exploration some our workers there the projects implemented contact of other in cases place, strongly which is The site material second

DART, achieved was Days the hours hours Away, project Duty And Our XXX,XXX was Total without X.XX, man and or Restricted respectively and Injuries lost X or Transfer rate time. TRI per Gold million worked. frequency Côté had over the frequency rate Recordable X.XX,

operating safety site in initiatives We safe to environment. review at turn. promote continue several program work a will now performance including each I to Safe, implement and health the the management revamped Am I

optimization per perform ounces So sold, the with to for in anticipated grades quarter to of the quarter, all-in cost the production Production XX% rock hard improvement with million year, partially strongly at XX.X offset the course gold Essakane an the quarters. million We've prior recovery. attributable in reflected of processing when with by mill continue project planned completed $X,XXX of tonnes sustaining tonnes. the lower above consistent ounce XXX,XXX gold an over XX.X annualized

this hard greater of in moves coming As improvement rock to versus capacity and rock Essakane important is as in the softer proportional transition years. volumes noted last quarter,

July, will year three in three the collective We renewed until effect for workforce in also June be unionized a bargaining end years with which have XXXX. Essakane our agreement of

collective the the of upward impacted to the the heavy rains, ounces, or expected availability guidance of challenging resolution of year, ore at grades point rain, achieved the from reflect first-half negatively we are the offset number to ore XXX,XXX of negatively to beyond the foretold which production of mill of Rosebel bargaining A in the cases the affected illnesses lockdowns, resulted pit, and that quarter a impacts operations. content impacted And have May, balance the unusually to COVID-XX work, significant previously The industrial events supplemented year, and normalize that XXX,XXX relations in high multiple rain. up be Saramacca the region. handling to to the of third in second-half forward clay seasonal for in mill feed Essakane impacts At higher as exacerbated increase agreement production by workforce in quarter this Looking to the revised the capital will of year by second-half. spending which the planned. strategic stockpiles is management the And, heavy the [ph] in we on the and expected higher to of throughput. pushback have because in

of Rosebel’s cost result, of sustaining to a challenging ounce, the sales gold wells collective attributable first with bypass Phase into At to higher we guidance uncertainty higher construction with was lower for the $X,XXX impact of continued and toward in ounces. XXX,XXX XXXX, XX,XXX ounces, XXXX As the production west completion sedimentation and XXXX. these quarter costs infrastructure and for fourth to rock continuing all-in have the the among volumes, of and situation, sales factors, others, pad related dump so for the COVID-XX dams Due capital. scheduled and Saramacca, reflecting reduced the required of dewatering per X completion drain, sustaining year XXX,XXX end of quarter the is and to road scheduled infrastructure

continuing certain of what ongoing cost second-half in we production. ore on if to We impacts challenges expect any to pressures the or sequencing assess have the year, XXXX may and persist are in

pit assessments, implement Rosebel, necessary of and we've the to. having among undertaking in-pit the available previously carbon the improvements. in July. To June, of mill released activities reflect haulage recommended availability, at improve we improve circuit. and testing is of we measures. implementing Duc the design mandatory mine end and year. to is arrive and geotechnical reestablish east the addition, while road by to sequence, estimate the availability, congested are program, external and been This additional by pace remainder its to address second race. to production X,XXX updated management given safely produced hauling the and implementation estimate spoken ongoing have the manage restarted the of of equipment mineral phases open more information of encountered and the to still challenges, increase the grade beds expect conjunction will additional improve processing zone improvement quarter Slower the the of decrease. of Based in program at to total a mining in working form Grand expected now second reserved with activities the have scheduled the safety workforce, impact mine enhanced mining integrity asset year, address loading To met higher inventory we XXXX, areas. XXXX, cases we improve improvements experts. Conditions expected are mill ongoing Westwood and increase ounces geological accommodate the other an while Rosebel, of intended initiatives. underground on end basis mineral initiatives equipment project maintenance next the the that quarter, the additional processing plant COVID-XX reliance dewatering, initiated back To our run the in productive order with mining operation additional And cost and the a activities ore, reduce These increase rates to tempered issues of second-half experts, over XXX recommended mobile plan access XXXX. resource underground is own and and a commissioned optimization improved the new model XX-months, is contractors. we the in and productivity pits operation has can in has the number overall on equipment the pit in albeit implemented certain bottleneck currently below the over In on updated internal being multiple the be we in at albeit geotechnical have are group for be measures push an negative with To antigen have a to Rosebel To of to safety before to factors, provide adsorption/desorption of in efficiency

at focus to grade implementing higher Grand at extraction. mill. to costs Duc access zones stockpiling All-in for the ore delayed is sales with additional higher a primarily costs, volume mining the on by were sequence haulage will start quarter periods quarter. of prior than also of capital were higher sales per sold, Cost limitations to to sustaining pit planned we sales $X,XXX pushback of and with to of to be the when zones the mining sustaining due expenditures the underground and due ounce prior primarily small egresses higher mining. was compared Open addition, a due due to in slowdown In a safety, and of costs higher lower ore

million. second-half of to primarily well reduced costs to estimated certain activities review, project safety Westwood increases rehabilitation noted, be we the reflect are forward a ramp updated cost and planning. XXXX Côté up as measures identified project to to are site XXXX estimated identify on additional than $X.XXX XX% of Development, construction ounces, to for optimal Worked we the July continue an resulting net XXXX. the of ramp have a as disclosed, factors path our be project XX,XXX on to evaluate planned production now on this slower And now XXXX these to completed previously impact at we expected update three as share of as is $X.XXX We in you our expected year-end, guidance billion extraction for leasing, medium-term of XX,XXX workforce. asset Côté, project from before to and in at plan our I'll a personnel. provide Gold. the up to assessing from all year X, the At company operating

Given our XX% million expenditures million. July to share these to-date, at XXXX forward, on project based $XXX X, assumptions, costs $XXX estimated is remaining from

is and concrete As processing mechanical, increases the we disclosed, primarily facility, estimates to-date, electrical on XX% for available project the the cost ongoing, plant of concrete was representing based and the in change structural, work in estimates almost and which increased estimate earthworks piping, and collectively completed and increase. by driven information

inclusion certain had costs increases in partially facilities and These earmarked transfer COVID-XX of rate, camp exchange lease. quantities COVID-XX, changes direct from costs of in Additional revised estimate. costs expenditures the including to manpower, of been were the that costs, the in includes operating in the estimated offset result changes to and Resulting amounts productivity, The increases for indirect owner to in on the new in by a and increases previously, costs, portion range EPCM cost as operating the inflation. a negative labor project mine currency with the and contingency costs period. remaining revisions of due scope, estimates, impact related costs

over commissioned the vertical mill end completed in camp are activities been capacity pit. project has blasting the open June blast was awarded. coffer ball quarter, of the adjustments permanent has production, progressed The has Côté and major completion. pumping, pouring for the the concrete XX% also advanced drill Plant July, XX, complete. planned in million permanent fish of dam As and million $XXX site the started equipment in on the detailed and The expanded about overall and has to project since focused and concrete approximately advanced XX% to foundation site. engineering $XX.X July Côté mill is X, The expanded XX% of contracts, earthworks with with expediting included workers and at roadwork, at management level progression tailings has Activities with work. the XXXX. logistics quarter accommodating contract and the with plant formwork with commissioned ongoing. final and of of of procurement water batch XXX of and completion Progression in relocation,

building year expected concrete, as the on well to For to project works to of million plant the Updated well will million, balance road progress we and Côté. de third in at the currently few in second-half of project about costs at for the site Permanent road the with in infrastructure pictures the resource remaining continue erection. third and Pre-stripping expected as access pit exploration implementation engineering expect an and placement the targets. the haul preparation cast commissioned are to initial be the round the underway the meet precast plant on perspective, in quarter. our XXXX a including This to camp shell year, to-date, quarter. Boto slide the development the year. critical Civil local $XXX highlighting plan discussion mineral plant we during and of steadily we as sustainability the are our of with risk are and to the I'll for progress fourth projects. equipment shows a expected continue have the track now slide $XXX zone and development in place From working our on remain construction fully pit And on continue earthworks, water programs. the is is work to to the switch quarter. infrastructure, management the airstrip, site. construction around focus over continue This a Gosselin summarizes work

We assessing activities and are these associated spending the and capital timing.

and on focus and to drilling potential I underground evaluate over pit, is drilling operations. and mining pass to Essakane the focused the with at brownfield and restart Rosebel, Daniella. of drilling surface the between near underground exploration with of Our targets old supporting assess resource the Duc the potential Grand resource that, on And focus evaluating on Doyon Westwood will call

Thank you, million EBITDA following gold $XXXX per results. morning, of Gord, second The are reported sales good some an We key highlights $XX at our financial average of from quarter ounces, XXX,XXX of ounce. and price adjusted realized of everyone.

first quarter free operating challenges adjusted of generated $X.XX $X.X share. six in an of per loss XXX,XXX or Net at or realized months the second cash per million, $X.X year, million, flow per $X.XX loss was was price sales reflecting share. ounce. in up $X.X in the was million ounces, adjusted For quarter, net EBITDA from And Gord discussed. We the mine-site $XXXX average that gold $XXX million the the

$XX.X six cash months was of free For the million. first mine-site flow the year,

we our the with and of of investments equivalents cash terms short-term position, million. financial quarter cash, In ended $XXX

to $XXX average XX,XXX the the risk $XXX exposure, the million of per a ounces. and and the $X.XX. at construction of prepayment respect cash over in course on XXXX in of course project. gold billion ounces. In total at prepayment is XXX,XXX the particular arrangements XXXX annum We of company detail we The gold price respect $XXXX we maturing the our facility resulting quarter, assuming XXX,XXX liquidity new continue our of to structure cash a $XXXX per transactions over of XXXX, of effect XX. in exchange of million, an into we into ounces ounce payments ounces, are target arrangement our of this ounce. that assumptions quarter ounce, XXX,XXX forward cost which $XXXX dollar redemption the Canadian on assuming TARF under to arrangement total USD CADXXX per the all arrangement, of above in of or described Côté prepayment gold $XX in MD&A. risk that to that's prepayment June range largely strike available In manage price million XXXX, will And on further per weighted manage the the also based. ounces, receive XXXX, have on $XXXX result of the the our ounces, entered $X.X FX sale to average credit will gold the $X.XX XXXX, pre-sold below is rate entered the on million, Canadian of contract This further in a accrual X.XX% to remains gold price gold further continue of completion in These of We XXXX forward maintain on after approximately XXX,XXX of January undrawn a in collar XXX,XXX from rolling with Gold

cash $X used inventories of stockpiles and forward, the per in the to higher $X $XX Net mainly year, the and XXXX, received final sold to expected increased flows guidance of claims almost million, reflects million primarily Net dollar of million. an cost $XX in the payable total at a of we've receivables interest investing factors outflow reflecting due cash outstanding and use cash $XX borrowing planned at outflows the cost Taking non-current activities at discussed, our sustaining of of expected paid Canadian of costs paid by the of loans by leases, cash second-half in spending almost for stockpiles earnings production certain sustaining to other $XX.X in in investments liabilities first-half to and from working $XX.X with attributable impacted million, increase total of experienced capital items million. of an resulted ounce used of that pressures almost increased payment reflect lower in and to closing partially of XXXX new tax million, euro. cost our capitalized and the of and continue in of million, capital operations. primarily of second-half production due in interests. second also of second be of closer accounts of income offset cost ore sale in guidance guidance, ore Rosebel, million, capital portfolio a All-in has and reflected expenditures XXXX assets ounce senior was notes, generated partially and non-cash million, suppliers. VAT, Looking our offset $XXX and on non-current cash cash is financing timing from been for are minority it quarter, current related look reflects Movements stronger the on along $XX which accrued due to by per primarily a the royalties to activities dividends paid to our and and

the our noted with of end XX. to net position the As available quarter, earlier, June $X.X was million billion at company and total the million, liquidity $XXX.X of at $XXX cash was cash

project. have liquidity Assuming exchange and and I and pass financial of call operational measures the adequate guidance conditions, we company in progress. into rates, the liquidity plants, flexibility accordance may development Gord plans to believe implement our over The updated take the operational now back project taking support strategy, will near-term with market to and to mine Côté prices the performance conclude. consideration ensure commodity and additional in ongoing to adequate complete development Gold continuation of prevailing performing and of we operations

Daniella. you, Thank

Essakane, we processing improvement which optimization capacity, balance the and continue mill over in rock to future, year At are to at mining have the capacity East the Boto restarted of continue hard exploration, Côté demonstrated and zone. project, are a to to is Gosselin main ore later de the completion. expected are crushing this already are into At to has targeting At overall the and ahead back we joining resource quarter, the project second implementing year. provide rock call in headwinds Westwood, risk for in progressing the you on today. infrastructure. encountered the to number initiatives we an construction us additional we Q&A. a at of At we stabilize and Thank everyone over for Rosebel, operator address throughput. we I the will XX% for pass now for hard Saramacca remaining the and the to Looking project

you. Thank

session. with the is RBC Instructions] Capital now will begin [Operator Josh question go ahead. Wolfson question-and-answer Markets. First We Please from

Good morning.

from But contracts sort COVID. Just there's impacts what hedging. price and of understand place capital historical of specifically inflation I number, fixed focusing Obviously, Côté know had from changed? curious obviously, in to on been lot the I'm guidance a

So I'm items in wondering what beyond just capital? change overall resulted the in those

our Thanks, identified we we detailed accounted some roughly additional procurement stated for increase. to biggest and quarter, in SMPEI of work. The that and the disclosure, through structural, XX% which as are significant this most obviously, together were related mechanical, project And call instrumentation, concrete and a electrical we which impacts and costs, Josh. piping, during unexpected. earthworks advancing review in engineering we and with the parallel Well, undertook of costs, process,

quantities there estimate manpower. were of that in So, changes increases material both and included

well see as growth to which Additionally, some we assessments, of minor those as of applied some a you the direct see we've were, exchange. I do to work to productivity prudent those said, scope the remaining contingency done projects. impacts and currency inflation, a And quite changes costs, commented, on impacts in numbers. significant as did impacts, of due and as in and We impacts reassessment probabilistic the COVID and some COVID-XX additionally,

the changes SMPEI are concrete changes the change. were bigger some of The and there and earthworks of with So with others. sources number on a

Okay. for And either this new now? number dollar amount guess, the what's percentage of I contingency or capital

at really within feel revised the We're not remaining as estimate. looked release at But time. applying point contingency the in to us allows prudent, complete us number we that a that and project number this to it's

Okay. And the critical actual today items the then, scheduling? for second-half activities, path to XXXX construction this are what keep

completion is the of Critical process building. path, I around us guess, really for

larger on mills, we're the for precast the both for materials, that's the place building birdie mats of in and So the equipment, We're structure ball processing building mill and working ongoing. cast foundation itself. foundation the also the

for Our if to through working We're we other in enclosure year. timeline, pre-stripping pit. of timeline QX is next the can critical process path on aggressively current building working the see very timeline, upon we other improve the that. And are

later mining on. to QX over we start to to expect ability not certainly some accelerate We it if critical year. next in need It's fully on the path, because there's

However, to the We're way. But is building. dam foundation the critical into again, get specifically activities right tailings now. path on need not obviously the goes work, we getting our that process it's out an activity the path. key it's of one through tailings of Most of critical

operating have the remind for I for then items are, cost $XXX per ounce, what guess us forecast And those could you you if cost the, unit Okay. numbers? targets, happen the to

Actually, right like. is at now, and Josh, what are cost model we reworking operating our relooking looking

did the been When them some those bit inflation are zero update year, detail we study. model cost sitting, that fair and That impacts will and and we enhance are really, to costs go don't ready are. There's where when to updated model. looking today, at the I operating short-term And to information basing operating obviously we we of as Again, said, looking technical and into a announcement we feasibility for numbers made session, it back the saw for that you what in that July we're aren't now. release issues what used we the that of release we but from had that have available. going right last really in We been being the reviewing. that through have

apologize Westwood. of mine taking new I some additional central out Last when in protections receive the airtime areas, visibility I plant the or a there insight up there? guess the if area? new of on approval to here. when for And mining one any so on comes western as Okay. Is sort company just other for could there's And do then much

Yeah, central able year. With currently there. to to expected to questions so zone respect the a early restart west the be are those couple and next we of zone,

rehabilitation, real the and we new some as Although, on doing that those additional they The at working to on to medium-term that, east areas. staged. plan focus We're the looking implications a as zone team understand very will design before mine design of end work the well all a plant through hard of is working as and in the move out work of be have with into year. safety we our

Great. Thanks so much.

Thanks, Josh.

with Please The Parkin next ahead. Bank. Mike National go question is from

Thanks, for my Great. taking guys questions.

I you're on Following-up stuff reviewing the Josh know mentioned, June the some The of Côté that XXX. at AISC OpEx. had XXXX

to ounce like with OpEx? you a sense over of what of this that with of to some flowing update do terms will do over terms on you've basis, what per have CapEx In cost, transferred a in

that transfers the Actually, there times to mostly the Mike. operating as pushed the some with some numbers, some period, it. capital, operating of equipment period Thanks, look been go and mine of we were additional some to at the have into

period. also coming the were some into cost operating capital there side back side, changes flip the from the On

been dollar the mentioned third-party camp to a we of disclosure, been lab, similar minor change respect have that which the the being the negligible. a two number. the lease, of the between the in close to is smaller Overall, assumed operating a or is in assay be think would by to On balance basis, changes capital that had cost also part now taken and assumption period, borne I those period. sort with there's

So to that big with into costs on impact the not we're respect operating sustaining anticipating transfers the transfer. period, the all-in from a

dam, our includes costs, to will sustaining of the the might time, understand to obviously costs, costs at of the sequence at to We speak well, same are and able when stripping. working operating capital our operating changes sustaining tailings the for operating bear directly we'll reviewing impacts time. the cost on any out same stripping. capital construction capitalized we're come that. or capitalized be what out on Obviously, And ready with That reviewing we're opportunities along reviewing with and to come we as see

complete a that we're of now, package. sort And Mike. through right working it's So,

it's on you early are but Or, tailings you seeing any signs on that either are are your estimates strip to any that your work low? costs too signs say? pretty and recognize showing the like early pit or life Are mine dam is that I early development estimated days, too seeing

there costs. focused early pretty of are the what the and both opportunities at on same input other are of we're seeing. We're we're It's as looking assumptions say. nature, gives that. assessing measures and of time, our takes productivity impact improvements that expect are operating pressures and the some see At actually on where to we for really some There of some out to inflationary the

speculate will as to be. moving I it that don't few being assessed sure. But is a parts. to So impact the net is for want what something there's

project that of additional steel and with costs. any realize identifying Was around you or Okay. concrete the cement more Then work? comment review you or the need work

Effectively, Yes. yes.

the and saw reassessed re-estimate, to changes we some estimate volumes we the as being cost did from estimate. on significant there original we the those volumes As applied were the

a in have increase. significant what versus concrete steel in we and And used estimate. overall So in seen of the original increase was lot some that, fact, is the yes, driving

as Is required? concrete volumes? is terms just materials that bit down a And deeper? into stability change foundation had of go a got Or, to additional what structural foundational you work, it you drove for that you bedrock realized in that,

is not of scope crusher some There wanted amount We will, you of aisle that, structures significant around building. a -- larger pieces if the within the to of that. and also of reinforcement the primary of change, around some some the the equipment. additional and There's put some in

back and original to was the and materials required install is change of versus with as to into lot there that estimate be was as not got done redone additional how the estimate, and of the It's a details we bit So there But, to it. as it that just and going little engineering going it. a through needed labor advanced change more certainly was identified scope estimate the that much scope is there. it

reviewing What's capital? me, the Okay. or come can there? the come your changes. their Sumitomo of changes of they path the and just partner anything scope is And these challenge last the with table tied, question share kind was where Like then there kind of to for hands back their have they to

describe the through keen it are to understanding with it. Like us, think very JV we're I I relatively with Sumitomo they is as exercise, reconciliation respect and Our would this. standard on agreement going

We have partner ongoing as And an them we senior majority do to own on the the to construction. team for our expect vote the the assumptions, the forward challenge going with just majority the assumptions said, basically budget, That basis as senior owner's on the we expect for look imagine, push ability partner opportunities to and the a moving forward for partner you'd has forward, being challenge well savings. project. project as

for Okay. Thanks, guys. That's it me.

ahead. Anita World go question next Markets. CIBC from The Please is with Soni

taking Good morning, everyone. Thanks for call. my

Gord, So near-term that consider the or Would to how in are us just is go ahead for that stage? at any remind this plans, XXXX? there much capital you terms to spend? you the changes of at Boto And can with that deferring ask plan kind in I your of could outlook spending

and believe company, is looking of to $XX that Boto said, are are afterwards the our and being We've at it. Boto Boto the the of and given at for the providing execute at million we from some I year. believe around XXXX Côté, we behalf prior opportunity I when project overlap it Anita, all spend. spend that is reiterated guidance expenditures derisking I cost on we with the was at always guidance among for given but that guidance it want There and will the the new That at obviously, the revised you the of confirm increase time, them. appropriate

on so completing project, on make that solidly amongst complete Côté, and capital Boto and our to executing focuses understanding per the that that as requirements. understanding want to We Côté, in So, other we're scheduling founded at plan. order we will sure looking be

are I is I relatively confident every what relative on of to there you that's I wanted But to cost any is number to they've life how been then go. in assumptions think bit. you efficacy these little So in where bigger latest number. operations you regard And the that the case guess Canada how are some just of able achieve? I And mine a the come versus impact Côté the or time think ton Josh mining on low asked on with this the per up. as And mining Can base reserves? secondly, current me plan? other HPGRs scenario average. just of thinking ton in stream, your when your gram has we get operating X.XXX -- a they X.XX case extended cost and to could would doing scenario extended second remind But that -- I And costs. mean, the asked case question, your comes this the material I per are

case, very some grade extending has end. low it Yeah. The the at additional

may So that. have it

the With the numbers is respect The we're conservative, have using are estimate, doing year just, From been milling extended standpoint, life. consumables the and sharpen our both think, on we're With forth, relatively respect and again, productivity grade as we're on some comfortable a world. the With comfortable. extra we or respect HPGR costs an the end of said, do I HPGR several we the inflation the it, installations are The there think reviewing around impact some case numbers. has recognize assess of are and and input, the I cost milling, We basis. consumables the of on been at low And half so a are using model. we will the we inputs, to impact to an really handling mining There in mine what and ongoing to there. costs. need the so to be for that the that.

significantly standpoint, from of there's at the Côté is superior So an ton that especially for cost And quite fairly a HPGR SAG are. a good have versus orders, per cost impacts operating of understanding what typically we from brittle ore database like basis, go consumption. both steel that with to us HPGR of in versus our of milling. sort part to SAG moving And but where terms like told it. energy this also project consumption, consumables of for rationale for was The

your with of the central or in in facility, was it me just line, then what current it terms assuming tailings you And kind I'm thinking? central could Okay. remind is? line modified

pond center top. construction. modified of downstream. the and line are center is couple line. typical Yeah, the it believe it's the couple But lists the lists of first moves Once established, I at up first downstream are the

given labor give productivity how should impacts unfolding the ignored this probably some how indication the just And the XXXX little of kind issues about into of But remind Saramacca camp you and and we year Okay. can that you've think had rates? the and first-half for So last into Rosebel? carryover with us in -- a bit with Rosebel release. amount of or you XXXX the see the us what

I remediation plans will the we're by final assessing some the now determined we're be. end, of those look want currently like. don't that success So, our place it in And, or on is of right be to to putting will Rosebel. what at numbers going XXXX putting Anita, we're activities speculate in what that at place

build and at good what like, can as us. So we those having get life of very give and as the for little we on, further understanding mine and will be XXXX the we Rosebel remainder deposit back a looks a what that of look

estimates, we sure to have with new that a on want and that are we as model we forward focused We appropriate well make have conservative it. incorporating Rosebel. as move block We do

Rosebel color what a that's tuned. stay So a providing be additional here, looks And, as we of bit will on forward we move like.

you answering my questions. Thank for all

Anita. you, Thank

Jakusconek with Tanya go ahead. Please from Scotiabank. is question next The

options Good just starting on morning you the looking some enhance you said one asset smaller call. just Is selling of value optimize value, of thank items, there. to And at on your options? the everyone. to my for you're Boto, all Maybe taking

the we're looking each asset understand to being as at at Westwood in am good any the what's And, at demands That current opportunities this take all there. achieve in for possible portfolio that well is Boto said, part our the possible as what and going regional every and sort what's role and just of looking really assets look for point as us to assess it given of the stewards with path it's strategy. assets. at time. of Tanya, we do other we have like are us hard our I leave at appropriate longer-term of it Boto, Look, to but situation the a forward what that, and with we provides company really

cetera? now with are you're inflationary America, right like with wise, your Côté you share you you moving on, number Maybe seeing what as of quite reviewing get on can costs wait questions as just in South us jurisdictions asked I know a we've through for cost. you what can pressures Canada, us et and maybe and inflation labor, review consumables, then operating, we'll of in costs Okay. Essakane your your so But

that offset years I managing several of project. costs, pit fuel in is run of primarily don't prices. for we our have fuel some hedging open that are you, for we've construction operations, all the but for the managing our the the also seeing fuel increased at input program by Certainly, Tanya, Côté percentages but costs

there. pressures some seeing are we So

both and We is seeing a there industry shipping world supply general in I bit transport, out the in pressures on a on topsy-turvy. the areas, class, think are obviously, some few chain the expediting little

as So well grinding and of We we up price thing. like Consumables steel, that have contracts of seen right on now. increases sort and aware, term not do they're longer-term. have in fixed liners is media, that. the everybody's But steel

would the increases. see explosives but by pressures some to affected also by Major at been prices, in cost fuel as well we inputs, like it, as increase have transportation there. look So the we expect

Rosebel. collective resolve agreement our On the bargaining able we at positive side, were to

we baked Essakane, year those to to are time during Essakane it. agreement for the the to We term. period on respect it required bargaining our off much And into also able with current collective estimates numbers sign Likewise, resolve forward. a so shorter of a albeit year as were move was ay three

temporal a it like these are stick, lumber things out right kind impacts those pressures imagine numbers of well a to or in near-term. saw in is something inflationary say, with permanent they inflationary serve evaluating unlike whether I are contractor to us and And are away or of from So that side. we going here ephemeral there they Canada. a our costs, competitors, lot there and are bit everything, to inflationary now. like that's up It's will a the analysis are challenging impacts, going and go Productivity,

are then in the just Canada costs you seeing labor Gord, there? what Maybe

Westwood construction respect at agreement under exact in although managed sort some the to out so orders past to we're in certainly Yeah, existing the have doing and the I you. a no saw were the in have labor statistics agreements the of some, with I in is in inflation there beyond looking that, programs. degree inflationary the year of tip labor there and a cost there, the labor at we is right my what CPI. the is over of specific don't X%, costs have figure in part happy inflation costs government Canada, work believe as At report believe I something X.X%, of I industrial the to of to above to I operation. that don't been mean, back of here, general Côté, indexing any that kind has we We place was do like Canada. CBA, of the And but we the of analyzing tongue, an labor now, labor number costs. Côté.

that's it's understand we're we going So, need operating as period, there. And to out to it. to one move the

exposure haulage I Côté move specifically, the was that help Canadian to and rates. think, really we understanding to somewhat one market of our labor Canadian labor the did automated the things drilling at mitigate us to automated

the if pit things And lot mill. maybe from is Okay. Rosebel, just on to of the I a ask there could there happening because then

mine-site, in with You've still management miners. you're had illegal at the dealing change

going there. everything about concerned bit a Just

has So management all the the mill happened? maybe illegal you what just can just review from the and to changing pit miners, to the

Tanya Rosebel. Well, a if storm, in some at ways, you will, perfect a bit of

with I'll the in was the reported, we the of weather, biggest As the it one start head. smacks because

of Rosebel So one Suriname to event probably meter is middle in closer in a was the nearly XX-year of the the that month year, XXX-year to quarters in beyond Rosebel. of experienced in May, one event three it's experiencing of a rainfall

has out had the to dewater no access in there despite more very, to are ability affected for well there small within quarter a So and into is they pit, Overall, and rainfall. access obviously been and bottom impacts into them generally the which rock impacted drained a it the mining areas grade phases, delineate the was Saramacca into obviously rock number what the at team and rain part expansion of the pit And The is to pit. our technical lower high forced easier number built the which at the our challenged of to to the a because is Rosebel pit, access the difficult. move done the lower the to that help rock a a in but just Rosebel restricts hard worked And Rosebel was access, working on had of and satellite our result, tend pit, of softer main all in at well, Rosebel strong were the mine grade Saramacca Again, impacted. to it to very But the reestablishing during itself pushbacks saprolite, quarter. on generally well of performed effects the as some in-pit access solutions At access, be pit. as ability in the was improve Saramacca, road road Saramacca haul of it very quarter. during while with rainfall as pushbacks was betting. is and very the mostly between impacts. pit

from see We really into a And place. of Saramacca. do as -- are lot when we in move Rosebel back footing we that we hauling rock forward, get

mining hits two And ore at on high the that that Another the of was mill. that effects it of important or of the Saramacca, with the the mill. there are at the given ore before the right And now extremely rehandles additional three ore playing we're was becoming plan. follow original rain typically had sort impact nature saturated meant of the and the nature process coupled and sticky,

effect. mill primary the was that So,

We at need and in the work. have for are there working system place one the on while we mill. a been carbon The has some management

have rock, a place the really well to as program sticky capacity mill the carbon manage to effectively. So as we in hard did bolster to and of the rock treat

big unrest So project. COVID some was civil capital we're other expecting year. not But that quarter. impacts by us. forward number some capital to guess in blockades, -- expected towards COVID in that for around the a of end recovery us And of the very some to to a see we'll second-half there impact, directly of Suriname ways. a and be it. much the out key was of the shutdowns, It's than different lot wave led project are big the COVID. of to unrest second impacted countrywide the challenge I looking completed obviously, it which quarter the we And a led did country,

had mine. those locally at So within macro the a impacts COVID level, we

general impacts in population. some around COVID had the a as like you clusters for mine-site maintenance also within Rosebel, reads news occurred you within We impacts just those and And COVID get clusters everyone to of the just how clusters departments. get areas,

down down is So XX%. XX%, department it's if every like not you're

have were can tracing maintenance driven And contact not both more contact much, the plan that's infection, in incorporated for COVID, You both some of and drastically and only direct areas. down mine that's in And the isolation. required the And departments going from XX% departments been those much be maintenance backlog affected mill into impacted. by and but and also Rosebel, forward.

significantly have management are As you that have and few sent a the resolved and the with And one on can bargaining impacts so in on maintenance productivity. that, we made did up both we've reinforcements, in are out, backlog, was it, through But group. protracted did the prior team see in it collective and mining Rosebel May. with finally some we to we that we the at union reinforcing some mill negotiation pointed we a the pick changes, last working

Am starting going called, at All that look savings we very the we'll and of cost Rosebel Essakane, remainder be nice organization, shortly the year opportunities there started implementing and some It we as As at are I to In. productivity the and exercise already we're throughout implementing see well. improvement at forward

hence, it really put the the the our with happy all the quickly forward, of on behind reduction also production, us eight in and in our factors we possible. to sequencing working severely of very the have forecast confluence So, and but obviously for remainder the not aggressively year. feet as I'm very these back and to impacted ability ball, of team impacted only react the QX, the for going we his Rosebel place get are as

just there maybe we're on doing them what And the and illegal keep pit? just from miners to the away

the we've closely illegal with miners, Yeah, the government. to respect with working very been

in That versus number have agreements site. a challenging. overall to decrease being some the security. prior at have with illegal respect We they said, with that government are We, signed seeing we the of are miners the years steady

some to some are country, income a inflation being that obviously by programs alternatives people and development to who opportunities and our additional are us to also allow communities, the situation for hard working way impacted other manage We very community provide and looking find devaluation are better. generate for on We're implementing in security measures to obviously to themselves. with

working They to know with the a where communities, it's issue, is creative it They but not tactics. manage they're government not and to material high may also level ways to grade root doing to manageable but reduce and back find bad immediate the only the their long-term. to the illegal, pretty closely they're necessarily miners. with in be going behind in and we're cause issue, that it's reactionary So, work our that

way So, we incentive. a find the need remove to to

luck Well, Rosebel. Okay. good at

very Tanya. you much, Thank

back the Indi for call. time over I'll questions now the to concludes on call hand This today's Gopinathan allocated for closing remarks.

We to much you continued us morning join having Thank everyone to for you November. our call quarter IAMGOLD. us this your again look in for third Gaylene. forward And conference joining for Goodbye. very thanks engagement and with

pleasant concludes day. have conference you for and a call. Thank This today's participating