11:50 AM EST - Iamgold Corp. : reported Tuesday its first quarter earnings declined to US$11.3 million from a year-ago US$19.9M on higher operating costs at its mines. The Toronto gold producer, which reports in U.S. dollars, said it earned four cents a share for the quarter ended March 31, compared with earnings of 13 cents a share last year. Revenues rose to $144.2 million from $42.8 million as the company profited from the $1.1 billion acquisition of Cambior Inc. of Montreal late last year and an earlier acquisition. The Company reported that it benefited from stronger gold prices but that was offset by higher operating costs at its mining operations. Corporate expenses, exploration expense and taxes were substantially higher as well, squeezing bottom line profits.For the first quarter, Iamgold produced 218,000 ounces of gold, up from 123,000. Iamgold Corp.
shares IMG:CA are trading down twenty cents at $7.92.
