Good morning, ladies and gentlemen. Thank you for standing by. Welcome to IAMGOLD Corporation's 2013 First Quarter Financial Results Conference Call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded on Wednesday, May 8, 2013, at 8:30 a.m. Eastern Standard Time. I would now like to turn the call over to Mr. Bob Tait, Vice President, Investor Relations. Please go ahead, sir.

Thank you, Meryl, and welcome to IAMGOLD's conference call for the first quarter of 2013. Last night, we released our financial results for the first quarter of 2013, which, along with accompanying financial statements, notes and MD&A, can be found on our website at iamgold.com. Joining me on the conference call today are Steve Letwin, President and CEO of IAMGOLD; Gord Stothart, Executive Vice President and Chief Operating Officer; Carol Banducci, Executive Vice President and Chief Financial Officer; Craig MacDougall, Senior Vice President, Exploration; and Jeff Snow, Senior Vice President and General Counsel. Our remarks today will include forward-looking statements. I refer you the cautionary language on Slide 3 regarding forward-looking information there and also in our disclosure documents and advice that the same cautionary language applies to our remarks during the call. We have prepared slides, which can be viewed via our website. This call is being recorded, as the operator said, for playback purposes. And I'll now turn the call over to our President and CEO, Steve Letwin.

Thank you, Bob, and good morning, and thank you all for joining us on the call. Well, apart from the market malaise, our first quarter results and expectation for the rest of the year are in line with our full year guidance, so we're really pleased to be able to say that. The recent drop in the gold prices weighed heavily on an industry feeling the pain from cost pressures. How we weather the downturn in this new chapter is going to depend on our ability to adapt and that's where we're ahead of the curve. As you know, even before the drop in the gold price we announced our commitment to reducing costs by $100 million, a decision driven by the need to counter the increasing pressure we're seeing on cost from inflation and the higher mix of hard rock. And at the same time, we've renewed our commitment to disciplined capital allocation. We do not have to proceed with expansion and development projects where the gold price environment would prohibit us from delivering the rates of return we demand, and I'd like to underline that. Our immediate priority is on enhancing the returns from our existing operations, and of course, delivering on our targets and guidance. On Slide 5, topping our successes in the first quarter was Westwood. The refurbished plant began production at the end of March. The same in-house project development team that built Essakane 3 years ago delivered on time and on budget. Westwood had little impact on our first quarter production given that production started at the end of March. Carol will talk about how production is expected to ramp up this year. IAMGOLD's total production in the first quarter was 188,000 attributable ounces, lower than the previous year, but as expected given the…

All right. Thanks, Steve, and good morning, everyone. Let me begin with a reminder that effective January 1 of this year, we are required under the new IFRS 11 accounting standard to change how we account for our joint ventures. We now account for them using the equity method instead of proportionate consolidation. IAMGOLD's share of after-tax earnings from Sadiola and Yatela is now reported in the income statement as a single line, share of net earnings in associates and joint ventures. The individual line items comprising net earnings have been collapsed into that line, so there's no net impact on earnings. However, our cash -- our share of cash flow from Sadiola and Yatela is not included in the cash flow statement. Exceptions would be if we paid a dividend and on advances and repayments of any loans. On the balance sheet, our interest in the joint venture is reported under noncurrent assets as investments in associates and joint ventures. The 2012 comparatives have been aligned to the accounting change, and we continue to report attributable production in cash costs for Sadiola and Yatela. Revenues in the first quarter were $305.3 million, down $48.8 million from the first quarter 2012. The decline in gold sales volume accounted for more than 0.75% of the decline. The decline in gold sales was mainly due to the expected lower production at Essakane. This reflected the processing of ore with grade lower than the life of mine average. The other factor was the timing difference between when gold was produced and sold by the Rosebel and Mouska mines, and I'll come back to that in a moment. Adjusted net earnings in the first quarter were $57.7 million or $0.15 a share compared to $91.6 million or $0.24 a share in the first quarter…

Well, thanks, Carol, and good morning, everybody. Moving to Slide 23. At Rosebel, lower throughput was impacted by an unscheduled 7-day plant shutdown to repair the SAG mill motor. However, feeding of higher-grade ore as a result of additional ore encountered during mining, as well as planned resequencing, helped to mitigate the lower throughput. Installation of the third ball mill was completed just after the close of Q1 and is currently being commissioned. This additional grinding capacity will allow us to treat a higher proportion of hard rock for the remainder of the year. Looking ahead, we expect Q2 production at Rosebel to be similar to Q1, assuming an average rainy season. Costs are expected to rise above Q1 levels for the rest of the year as we will be milling slightly lower grade and harder ore. With respect to the expansion feasibility study. Discussions with the government of Suriname around the power rates applicable to the existing concession will have a strong bearing on the optimum mine plant scenario and allow us to make a decision about whether or not we proceed with the expansion. Some examples of cost management initiatives at Rosebel include retiring end-of-life smaller haul trucks in favor of new larger trucks to improve productivity, feeding of higher-grade material than originally planned, waste oil and tire management programs. In the mill, full implementation of an automated supervisory control system will reduce consumption of reagents and grinding media and improve power efficiency. Moving to Essakane. Lower production at Essakane reflected planned processing of significant amounts of lower-grade stockpiled softer light [ph] ore. We forecast for grades for 2013 to be 10% to 15% lower than the life of mine average as a result. Continued stripping in the Phase 2 push-back of the main pit will enable us…

Thank you, Gord. As part of the announced corporate-wide $100 million cost reduction program, we've committed to reducing our exploration spending by $40 million in 2013. We've reprioritized and redesigned projects and we scaled back the resources to support them. Our spending outlook for the year has been reduced from $142 million to $102 million or $99 million when we exclude Sadiola and Yatela. Overall, the reductions include $16 million for greenfields projects, $19 million for near mine and brownfields program and $5 million for the scoping and pre-feasibility work at Côté Gold. For our greenfield program, we continue to advance key projects in Senegal and Brazil and to support the ongoing evaluation of the Côté Gold project in Ontario. At the Boto project in Senegal, we have advanced an infill and delineation diamond drill program, which will underpin a resource estimate expected for completion in the second quarter. At our Pitangui project located in the state of Minas Gerais in Brazil, a drilling campaign continues to test the extent of the São Sebastião iron formation-hosted gold discovery we announced last year. Recent drill results several kilometers to the east hold promise for the discovery of a possible second mineralized system, which has elevated the exploration potential for the entire district. And at the Côté Gold project, infill drilling continued during the winter months to take advantage of better access conditions in the central part of the deposit, as well as to evaluate for a continuation along straight to the Northeast. Results are pending and will be incorporated in an updated resource estimate as part of the ongoing pre-feasibility study. Although we have deferred some of the exploration spending this year as part of the expenditure reductions, this won't impact the timing of the project. In March, we filed the…

Thank you, Craig, Carol and Gord for a very thorough account of how we are adapting to the challenges in this new chapter. And we've already talked about balance sheet preservation, and on this particular slide, reinforced guidance, cost reduction and disciplined capital allocation. That's the track we're running on and that's the track we plan to stay on. We're maintaining our guidance for the year. We do mention in the press release that we're going to revisit our cash cost guidance end of the second quarter. Obviously, we've done very well in the first quarter. We'd like to get more traction, get more data, and at the end of the second quarter, come out with what our view is for cash cost guidance. Obviously, based on performance in the first quarter, we hope to continue the trend, to have it lower than our original guidance and that's where we're heading. So on that note, we remain very, very optimistic about meeting our targets and meeting the guidance and bettering our guidance as it relates to our cash cost guidance. So let's open it up for questions.

[Operator Instructions] Our first question comes from Dan Rollins with RBC.

Gord, I guess, maybe the first question is for you. You guys are starting to bear fruit on your cost savings program, but with respect to deferring of waste stripping and going after higher grade, how sustainable is this strategy and how long can you continue to do it before you need to start spending more money on moving that waste and then having the grades revert back to a reserve grade?

On the resequencing of waste, that's all been based on some new LOM plans, so we see that as sustainable. At Rosebel, it's not necessarily all deferral. There is some additional ore x resource that's coming to the plant and is certainly in the first quarter and we see a little bit more of it. So in that case, although it looks somewhat like deferral of waste, it's actually a conversion and we don't need to take the waste as quickly to maintain the strip ratio. At Essakane, it fits well within the LOM plan. I've seen the new LOM plan and it's not going to cause us any grief and allows us to, as I said, bring some of the grade forward.

Okay, perfect. And then maybe just on Essakane, what is the current -- how much -- how many gold -- how much gold is currently at Falagountou and what's the current grade of that?

It's in the resource statement. I believe we have somewhere in the neighborhood -- and I'm going to really qualify this, I'm pulling this out of my memory, it's somewhere around 225,000 ounces in reserve. And I believe the grade is in the order of 1.2 to 1.3 gram.

Perfect. And then Steve, maybe touching base on -- you've talked about not proceeding with projects unless they make the economic merits. Could you maybe just give us sort of an idea what type of returns you would need to pursue Sadiola if you did have a partner? And also what type of returns you need to -- for Côté Gold?

Well, in Canada, Dan, we've always said we look in Canada for 12% to 14% after-tax at a minimum and in terms of rates of return. And I would think that we're going, in terms of Canada, look at that 15% mark as something that would at least get us interested in moving the project ahead. Below that, then I think that we'd be very cautious and we would take more of a deferral strategy with respect to the allocation of capital. In Mali, given the country risk, we'd be looking at something around the 20% after-tax rate of return, given the -- at least the perceived risk. We've never had any problems in Mali in the 17 years we've been there, as you know. We've never lost a day of operation. But I know perception is reality when you get into this business, and as a result of that, we'd obviously factor that in.

And what -- based on the studies that have been done to date, what is the current return of the sulphide expansion?

Well, right now, it's in and around the 20%, running at around the $1,400 gold price. But we are going to revisit Sadiola. Depending on where Anglo ends up, we're still not sure about. So we're obviously going to make sure we refresh all of our analysis given the current gold price environment and make sure that we're satisfied that those rates of return are acceptable. And if they're not, then we're not going to move ahead.

Our next question comes from Patrick Chidley with HSBC.

Just a quick follow-up on Falagountou. What would the strip ratio be approximately on that reserve?

I honestly don't have that number handy. I believe it's in the neighborhood of 3.5 to 4:1, something in that neighborhood.

Okay. And then just you mentioned that you're still seeing cost pressures and cost trends. In terms of unit costs, are you seeing any costs coming down in terms of, for example, we've heard a lot about exploration costs coming down and some of the drilling costs, but any other sort of trends in terms of input costs. Oil prices, for example, are a little lower?

Costs are in line with our old forecast, so I don't really view them as coming down too much. Some of the reagent costs have moved down a little bit. Aluminum's off a little bit, which is a reagent we use at Niobec. Cyanide is down slightly, but really not materially. Certainly, a lot of the contractors are looking and we're talking with a lot of our contractors. So you mentioned diamond drilling, there are other service contractors that are a little hungrier these days and we do see some decreases there. The other place we're starting to see some decreases is in development projects for capital equipment, starting to see both reduced delivery times and lower total costs.

Okay. That's interesting. And the last question on the Québec tax. Can you just outline why that is that you're not going to see a significant impact at your operations, I guess, in particular, at Niobec?

I'll respond to that. This is Carol Banducci. Having examined the minimum tax, the royalty and the graduated tax rate, what's also been facilitated in the new tax regime is an increase in the processing allowance. So when you factor that into the equation and as we run it through our model, again we've done some preliminary analysis, the impact that we have seen is minimal.

Patrick, it's Steve Letwin. We did a lot of work with the government. And to the government's credit, they factored in a lot of the feedback from industries. So a lot of work was done by Ben Little and his group and Steve Crozier, along with Carol's group. And I know others that are in Québec did similar things and I'm not -- obviously, I'm not going to say I'm pleased that they increased anything. I mean, that wouldn't make any sense. But am I pleased that it's not as significant as they once thought? Obviously, I am and when I look at it, it's immaterial to us. So it's a good outcome for us.

Okay. And just on that processing allowance you mentioned, can you explain that?

We're actually processing ore then we do get a credit. And right now, there is a credit that we received and that's been increased in light of the increase in the royalty and the graduated tax rate. So that -- it's a function of just operating the mine in the province.

Our next question comes from Anita Soni with Crédit Suisse. Anita Soni - Crédit Suisse AG, Research Division: My question is with regard to Essakane and the grade guidance that you guys have given there. You said 10% to 15% below life of mine grade. So is that looking historically or looking specifically forward?

It's looking specifically forward. If you look at the reserve grade and apply those sort of adjustments you'll come in pretty close as to where we see 2013. Anita Soni - Crédit Suisse AG, Research Division: All right. So your reserve grade right now is 1 gram per tonne. You posted -- you put in 0.9 gram per tonne material. What does this do to the end of the life of the mine? I mean, presumably some of the grade -- we should be modeling about 1 gram per tonne material, life of mine, at this point then?

Yes, 1 gram life of mine, but you can take 2013 out at the reduced rate and you'll see that when we come out with reserve next year, I would expect to see the remainder to be adjusted accordingly. Anita Soni - Crédit Suisse AG, Research Division: Okay. And then in terms of your stripping at that asset, I noticed that the waste that was expensed went down. What should we think about in terms of waste as the expense amount for 2013 and going forward?

I really don't have that number handy. Total stripping ratio at Essakane is, I believe, it's in the 3.5:1 against the total reserve, somewhere in that neighborhood. It's somewhat front loaded and that includes both capitalized and expensed. I don't have the exact split on the waste times between what will be capitalized and what will be expensed. Anita Soni - Crédit Suisse AG, Research Division: Okay. Couple more questions. In terms of your unit mining cost per tonne there right now, what are you running at Essakane per tonne of ore?

For mining costs, we're in the low $2 -- low -- yes. Anita Soni - Crédit Suisse AG, Research Division: Low $2. And then your process costs then?

I don't -- we don't really typically get into that level of guidance.

Maybe, Anita, you can do it offline and get more granular with the cost with Gord and... Anita Soni - Crédit Suisse AG, Research Division: Sure. And then last question with respect to the capitalized stripping costs. What was the budget for this year and what are you running right now? I think you came in at about $20 million or so this quarter?

Yes, the total for the year is $74 million. Anita Soni - Crédit Suisse AG, Research Division: Okay. And this quarter, how much did you actually capitalize?

Let me get back to you on that. It was in that sort of order of magnitude, but I can confirm that number later with you, Anita. I'm sorry, $15 million, Anita.

Our next question comes from David Haughton with BMO.

Just having a look at Rosebel, you had some downtime with the maintenance. Has the throughput bounced back up to the levels that you would expect post the maintenance?

Could you repeat -- sorry, could you repeat that, Dave?

Yes, Gord. So your throughput at Rosebel was down in the first quarter mainly due to maintenance. Has it bounced back up and should we expect a consistent run rate of 37,000 tonnes a day sort of thing for the balance of the year?

Yes, that's the plan.

Okay. And the grade there was pretty good in the first quarter. I didn't see an explanation for it, and I'm just wondering what we should be thinking about going forward?

I mean, there's a couple explanations for it. We did find for additional alluvial ore, a high-grade alluvial ore that was not in the reserve or the original mine plan and we resequenced a couple of the pits to get some higher-grade ore forward, especially as we were having the throughput issues in Q1. When I look at the remainder of the year, we aren't going to be able to sustain those higher grades for the full year. We'll come back down for the remainder of the year pretty close to sort of the life of mine grades.

All right. And life of mines, around about the 1 gram mark even.

Yes, slightly higher. But yes, very slightly higher.

Our next question comes from Steve Butler of Canaccord Genuity.

Carol, you made a comment, which is kind of nice to hear that you said it was a minimal tax impact on the net change proposal. Can you give us a sense, are we talking about a 1 or 2 percentage point increase in the net effective tax rate in Québec, maybe to keep it easy that way?

Yes, I think that would not be a bad estimate. Again, we're still running through the numbers, Steve, but we're really focusing around that 1% range.

Okay. And Gord, a question for you on the production numbers as you've come up through the balance of the year. I mean, it was a quarter that had basically minimal production from the Doyon division, and in fact, no sales. But if we sort of adjust for that and recognize that Westwood will be a big contributor to production or even pre-commercial production as you go throughout the year, are you expecting any other production gains in other mines relative to Q1 performance? Because otherwise that gets you pretty tight on the -- towards the bottom end of your production range otherwise.

Well, certainly, as part of the cost savings initiative, some of the productivity gains we're hoping will deliver some more. We're not -- as Steve mentioned, we're still trying to get the numbers straight in our head before we go out with more. When I look at the forecast, Rosebel and Essakane will continue to produce at more or less the same rates. Sadiola does show somewhat of an increase for the final 3 quarters. It's not huge to our bottom line, but I'm just sort of comparing relative to what they did in the first quarter, there is an increase. And as you identified, really the bulk of the pickup comes from the Abitibi.

Our next question comes from Robert Reynolds with Credit Suisse.

My question relates to the Doyon division. I just wanted to clarify, is the 60,000 ounces of Mouska ore, will that be treated as commercial production?

Yes, correct.

Our next question comes from Michael Scoon with Stifel, Nicolaus. Michael A. Scoon - Stifel, Nicolaus & Co., Inc., Research Division: Just a quick question regarding sustaining capital levels kind of expectations for this year. And then life of mine, what should I be assuming particular to Rosebel? The number I think for this quarter was $36 million. Should I be extrapolating that forward over the life of mine or how should I trend that in my model?

Well, what we're seeing for sustaining capital for most of the operation going forward and Rosebel is into a bit of a rollover on mining equipment for the next year or so, some life of mine stuff. But generally, what we guide is look at sort of $25 million to $50 million per operation per year for the operation on a 100% basis. As I look at Rosebel, probably in the upper end of that range, but probably not right at the top of it.

Maybe I could add to that as well. I mean, if you take a look at our disclosure and just more specifically, our MD&A, what we've done this quarter is really provided some further details around sustaining an expansion capital. So if you look at the descriptive, you'll see a fair amount of detail there. And what we've also done in our disclosure, when you take a look at our full year CapEx program, we have divided it into buckets so that you can see the difference between what's been picked up and sustaining versus what's in expansion. So that's to provide some level of guidance. Michael A. Scoon - Stifel, Nicolaus & Co., Inc., Research Division: Absolutely, I noticed that. That's it for me.

I just want to correct myself on capitalized stripping for Essakane. I've been giving you $15 million; that was for Rosebel. For Essakane, this quarter, it's $19.4 million.

You had it right the first time, Carol.

Yes.

Our next question comes from James Bender with Scotiabank.

I have 2 questions, they'll probably be for Carol. Again, on the Québec taxes, you said the impact will be minimal. A 1% increase was mentioned. Is the 1% at the mine level or is that overall effective corporate tax rate? Do you have any losses that you can use there to mitigate it as well?

Okay, all right. And again, I just want to caution everybody we're still going through the analysis and Steve highlighted that as did I. So we're still working through the numbers. And the 1% is an estimate and it is on the total effective tax rate for the corporation. And in terms of losses, the way that the calculation of profit is prepared under the new tax regime. It's not the same as what you would see in taxable profits. It's a different definition. Part of it is to achieve minimum tax and so we do have a fair amount of losses in Canada, but not all of them could be used to offset this calculation.

Okay. And as far as the cost reduction program, would it be possible to get some guidance as to where and what mines. And I'm talking specifically on the operating level, so the $54 million, where you see the greatest potential cost savings?

It's Gord here. As Steve mentioned, we're still working on getting a little more granularity around -- on the mine-by-mine and initiative-by-initiative level to get our numbers together. We've chosen for the first quarter to be a little less specific on purpose. I know we're going to get all of the numbers, and as Steve said, everybody's working very, very hard to achieve them. But we're not prepared at this time to get down to the granular level on a mine site-by-mine site basis.

And we have a follow-up question from Anita Soni. Anita Soni - Crédit Suisse AG, Research Division: In 2014, what is your expected capitalized stripping cost? I'm just looking at disclosure from last year, and the projected amount for this year would have been about $40 million, $50 million and it's risen to $74 million. So I'm just trying to figure out how to factor up the last time we had sort of stripping guidance for 2014 and '15?

Anita, why don't we take that off-line and we can sit down and go through it with you.

That was our last question. I will now turn it back to Mr. Bob Tait for closing remarks.

Okay. Thank you, everyone. Obviously, there are a couple of questions that need some follow-up and we're happy to do that. If any other questions do come up, you can contact me directly or Laura Young, and thank you very much for participating today.

Ladies and gentlemen, we thank you for your time and attention. This webcast is now concluded.