IAMGOLD To Reduce Employees At Rosebel Mine By 10%

(RTTNews) - IAMGOLD Corp. (IMG.TO, IAG) said the company has started a process to reduce by 10 percent the number of employees at its Rosebel Gold Mines in Suriname.

Over the past two years, the company has reduced overall costs by $175 million and improved productivity at its mines, resulting in a drop of the company's all-in sustaining costs at its gold mines by $120 per ounce since the second quarter of 2013.

The current gold price environment requires Rosebel to initiate further action and adjust the size of its employee base accordingly, the firm added.

President and CEO of IAMGOLD, Steve Letwin, commented, "We are taking further steps to reduce costs and capital expenditures to continue to strengthen our financial position during a period of weak and uncertain market conditions."