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Iamgold Corp cuts capital spending by 30

TORONTO — Iamgold Corp. says it expects lower costs this year than 2014, but capital spending will be reduced by about 30% and output may be lower than last year.The gold miner says it’s benefiting from improved efficiency at its mines, lower oil prices, higher gold prices and the strengthened U.S. dollar compared with the loonie and euro.But Iamgold chief executive Steve Letwin says the company will continue to focus on cost reduction and cash preservation.The company said Thursday it has about $800 million of liquid assets in the form of cash, cash-equivalent and gold bullion, including $500 million from the sale of its Niobec niobium mine in Quebec’s Saguenay-Lac St-Jean region.The 2015 capital spending budget has been set at between US$220 million and US$240 million, down from $325 million last year.Iamgold estimates all-in sustaining costs for 2015 will be between US$1,075 and US$1.175 per ounce of gold overall.That would be down from a revised 2014 estimate of between US$1,100 and US$1,120 per ounce of all-in sustaining costs overall, which is below the $1,150 per ounce cost at the low end of its previous guidance.Iamgold also estimates it will have between 820,000 and 860,000 ounces of attributable gold production in 2015. The midpoint of the range would be slightly below the 844,000 ounces produced in 2014, including 241,000 in the fourth quarter. read more