IamGold posts loss, forecasts lower capex for 2014

Feb 19 (Reuters) - IamGold Corp IMG.TO IAG.N swung to a quarterly loss as gold prices fell, and said its capital spending in 2014 would be 40 percent lower than last year as it had completed the expansion of a mine in West Africa.

The company earmarked 2014 capital expenditure of about $400 million, saying it had completed the expansion of its Essakane Mine in Burkina Faso. News Search ID:nPnjvj8G

IamGold reported a loss of $840.3 million, or $2.23 per share in the fourth quarter, compared with a profit of $84.6 million, or 22 cents per share, a year earlier.

Revenue fell 38 percent to $247.2 million.

Gold price XAU= fell 26 percent to average $1,270.794 per ounce during October-December from a year earlier.

IamGold also said total attributable proven and probable gold reserves at the end of 2013 decreased by 11 percent to 10.1 million ounces of gold.

(Reporting by Anannya Pramanick in Bangalore; Editing by Don Sebastian)

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