IAMGOLD Corporation (NYSE:IAG) Q3 2023 Earnings Call Transcript

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Anita Soni: Okay. All right now moving to Cote, my apologies to my colleagues, but there are a few questions I wanted to get down. So maybe this is a question for Jerzy, that the CapEx guide for the remainder of completion, I noticed went from $825 million to $875 million up to $875 plus or minus 5%, which would imply a high end of the range at now $919 million. So I’m wondering why that increase, if it is indeed an increase, and what are the components of that? And the second part of that question, and this will be the last one, how should we think about, first off, what remains in 2024 to be spent, like the breakout between Q4 and then 2024 for initial capital of that $875 million? And secondly, what kind of sustaining capital are we looking at Cote in 2024?

Renaud Adams: I think we’ll pass it to Maarten for that.

Maarten Theunissen: Hi Anita. So when we guided at the beginning of the year, we had a range and the $875 million was the high end of the range. And that amount, based on what we’ve spent up to the end of 2022 would have gotten us to the $2.965 billion at 100% that we had in the technical report. Now that we are in November and close to the end of the year, we are indicating that we are still trending in line with the budget of $2.965 billion and that $875 million gets us there. So we’ve not just updated because we’re closer to the end of the project. We still have to incur $425 million at 100% to get to the $2.965. If you look at the amount that we incurred in Q3, it was $317 million. So we will continue to incur at that rate, but as we get closer to 100% construction, that tapers off and that’s why we are seeing what’s being incurred in Q4 at around the same level as Q3, may be slightly lower and then the remainder tapers off into Q1 of next year.

Anita Soni: Okay, sustaining capital question. Did you — can we get an idea of what that’s going to look like in 2024 now?

Maarten Theunissen: So, we are working through our budgets on sustaining capital for next year. So, we are still guiding towards the technical reports with adjustments for inflation, but we will provide a detailed update on the production cost and sustaining capital early next year when we provide our 2024 guidance.

Anita Soni: Okay. All right. Thank you very much. I’ll leave it there.

Renaud Adams: Thank you, Anita.

Operator: [Operator Instructions] Seeing none, I’ll hand the call back over to Graeme Jennings for closing remarks.

Graeme Jennings: Thank you very much, operator, and thank you to everyone for joining us this morning. As always, should you have any additional questions, please reach out to Renaud or myself via phone or email. Thank you all. Be safe and have a great day.

Operator: This concludes today’s conference call. You may disconnect your line. Thank you for participating and have a pleasant day.

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