Thank you for standing by. This is the Chorus Call conference operator. Welcome to the IAMGOLD 2014 Q4 and Full Year Operating and Financial Results Conference Call and Webcast. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions] At this time, I'd like to turn the conference over to Bob Tait, Vice President of Investor Relations for IAMGOLD. Please go ahead, Mr. Tait.

Thank you, Joe. Welcome to the IAMGOLD conference call. Hopefully last night you received our industry leases regarding our 2014 financial performance and our 2014 statement on reserves and recourses. Our conference call slides are posted on our website if you need to refer to those as we go through the presentation. Joining me on the 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, General Counsel and Senior Vice President Business Development. Our remarks on this call today will include forward-looking statements. Please refer to the cautionary language regarding those statements in our disclosure documents and be advised that the same language applies to our remarks during the call. During our opening remarks, we will refer to those slides by number on the website. I’ll now turn the call over to our President and CEO, Steve Letwin.

Thanks, Bob, and good morning, everybody. As you can see from our results, I'm very, very pleased to how we executed our plan in 2014. We had planned to achieve operational excellence, we made excellent progress meeting or exceeding all of our operating targets. In 2015, we build on those achievements with the sale of Niobec we began the year fresh with cash, our plan for achieving profitable goals and confidence in our goal to be free cash flow positive by the end of 2015. So reflecting on our achievements over the past 12 months, let's take a look at some of the slides. On Slide 5, we produced 844,000 ounces of gold, which is within our guidance. We reduced all-in sustaining costs steadily throughout the year. By the fourth quarter, we were $121 in ounce down more than $200 an ounce from the same quarter a year ago. So basically we cut about $170 million at the cost side of our structure. For the year all-in sustaining costs were $1,101 an ounce, which is $49 an ounce better than guidance. On Slide 6, we underwent a corporate restructuring. We cut our G&A cost and did what was necessary to make us linear and more nimble. Looking at the operation side of our business, we achieved total savings of $59 million in operating costs at our three gold mines in 2014. This was the result of sustaining the cost savings from 2013 and realizing additional savings from new initiatives in 2014. The cost benefits from a number of initiatives implemented that Rosebel last year have yet to be realized and we expect to see that this year. On Slide 7, our fiscal discipline continues around capital spending. In 2014 we spent $325 million which was down 51% from the year…

Thank you, Steve, and good morning everyone. Our 2014 financial results reflect continued success in reducing cost as steady growth in gold production drove revenues above $1 billion. We ended the year with a strong balance sheet and we began 2015 with a very strong cash position as Steve said, following the sale of Niobec. You should note that net earnings from Niobec represented separately as net earnings from discontinued operations. The comparable period have been adjusted accordingly. Turning to Slide 13, I'll begin with the reported bottom line results for 2014 which were impacted by three significant non-cash charges. First, the estimated cost of our asset retirement obligations mainly related to the Doyon mine was $49 million for 2014. Our review of our asset retirement obligations is conducted annually to update estimates of future closure costs. For the Doyon mine closed in 2010, it's tailing ponds and open pit are being used by Westwood until the Westwood mine closes. So given the long life expected for Westwood, the bulk of the rehabilitation activities unless the cash outlays associated with them will not occur for another 17 years. Second, we've recorded $56 million in unrealized derivative losses mostly related to hedging a portion of our new contract during the period of falling oil prices. Following an initial declines in oil prices we entered into contracts which extend over the next three years. Subsequently, oil prices decline further. This resulted in the unrealized losses which, if and when oil prices recover can potentially reversed. The third significant non-cash adjustment item is included in the line items tax impact of adjusted items. Income tax expense from continuing operations for 2014 was $118 million of which $114 million was deferred. Given the company's loss from continuing operations, we would expect a income tax…

Thank you, Carol, and good morning, everyone. The exploration team has had a very successful year and continues to work on developing the strong pipeline of growth projects. This is particularly noteworthy given the fiscal constraints as the team has worked under as part of the companywide cost cutting initiative. In 2014, we spent 68.9 million which was 26% lower than the previous year. A decrease reflects the smaller planned exploration program as well as project prioritization. In 2015, our exploration budget is $56 million of which $16 million will be capitalized. It should be noted that the capitalized portion is included in our $230 million capital spending guidance for 2015. We continue aggressive infill drilling programs intended to upgrade current resource estimates at key projects and have reported assay results showing some very attractive grades from a number of Greenfield projects for which further exploration is planned. Please note that in this section, I will discuss our advanced exploration projects with highlights that include some of the more significant intercepts from our recent drilling programs. All of these intercepts along with other assay results from these projects have been previously disclosed in accordance with security regulations. The contents has been duly signed-off by qualified persons within the company that reported them. Yesterday along with our 2014 financial results, we also disclosed our 2014 statement of reserves and resources. Predictably, our reserves were lower than in the previous year due to changes in economic and geotechnical parameters and a reduction in our gold price assumption from $1400 to $1300 per ounce. And of course, the depletion impact of our 2014 production. This was offset by success we are having at our advanced exploration projects which I will speak to know. At our wholly-owned Pitangui project in Brazil, 24,500 meters of…

Thank you very much Craig. For each one of our operations, I'll review performance in 2014 and discuss the outlook for 2015 beginning with Westwood. So after achieving commercial production as guided on July 1, Westwood produced 70,000 ounces of commercial production at a cash cost of $822 per ounce and all-in sustaining task of 1,031 per ounce for 2014. During the fourth quarter at Westwood, the mill processed on average more than 1500 tonnes per day, had grades averaged over 8 grams of gold per tonne, the recovery rate was 96%. The result that Westwood produced 35,000 ounces at a cash cost of $845 an ounce and an AISC of $1,119 per ounce. When we announced to start the commercial production, we estimated that cash cost would average between $750 to $850 per ounce in the second half of the year and we met that goal. As Westwood ramps up over the next few years, we expected to be the strongest contributor amongst our existing assets to provide growth in both gold production and operating cash flow. On January 22, 2015, Westwood experienced a localized rock burst. A news release was issued to issuer the local community and investors that they were no injuries and that there was no impact to current and future production. We continue to benefit from the weaker Canadian dollar. As mentioned for the third, quarter, there are ongoing cost reductions at Westwood including a rigorous tier replacement program and the reuse of certain electrical equipment following the closure of Mouska. The long term plan for Westwood demands the pace of underground development to ensure of positive free cash flow throughout the life of the mine. And as mentioned by Carol, we were able to secure flow through financing to fund the expansion development work…

Thanks Gord. As you can tell, we've made some huge progress in our cost structure. The ultimate goal is to get as close as possible to an all-in sustaining cost that's closer to $1000. We’re well on our way to doing that. Our reserves show us at least a ten year mine life across the board and on average I should say and we are producing in the order of 840,000 ounces of gold a year. So, obviously very highly levered both cost reduction and gold price. So, our value proposition continues to improve. We are seeing more shareholders come into the stock and more institutional players increase their positions. So, we are quite pleased with the progress we have made and we continue to work very hard to obtain those targets and get towards that cost structure that makes us more and more attractive to investors. So, we are very pleased with our operations in 2014. Our focus on achieving operational excellence through cost reduction, capital discipline and cash preservation we call it the 3 Cs, is producing very solid results. We are really seeing some great robust growth at Essakane. I can’t tell you how pleased I am with the performance that we are seeing with [indiscernible] at Essakane right now I just got back from a trip in Essakane in Burkina Faso, and the transformation of Essakane has been significant. We are seeing ramp up in production at Westwood [indiscernible] and the amount of productivity improvement at Westwood has been huge. And we are seeing better grades at Rosebel, and Rosebel itself represents a game changer as we have talked about it at IAMGOLD we are continuing to drill in and around the mineral concession. We are seeing some great innovative techniques in improving our grade reconciliation…

[Operator Instructions] First question today is from Brett Levy with Jefferies. Please go ahead.

Potential M&A opportunities, have you thought a little bit about how you’re going to pay for it equity, debt, cash et cetera. And then sort of rough size in terms of, I don’t know total cost of the acquisition obviously it’s going to be something that kind of move the dial.

I think the perfect storm for us would be a situation where we have a company out there, a gold producing company that has got some very, very good opportunities to increase production, near term production, but don't have the balance sheet to support it. So there are a number of companies out there that have had some good success where they either brought deposits along or have brought deposits to a point where they are near production. But they are struggling because as you know in today's world, very difficult to raise equity without taking huge discounts. So, our perfect situation would be where would be able to pick some opportunity around that potentially use our paper to acquire the entity and then our cash on a consolidated basis to bring those deposits that are near term in production – in their production – it's a win for the company that we acquire, it's a win for IAMGOLD shareholders. And let's not forget that at Sadiola, where we have our 41% interest along with Anglo and the Malian Government. We have a huge investment opportunity there. We don't want to take a 100% of that particular project just from an overall risk management standpoint, but that project in itself would add, would bring us back up to about 160,000 ounces of production worth about a US$250 million investments. So there's organic growth that we're seeing at IAMGOLD, highlighting something like Sadiola. There's also opportunities out there for companies to get together with us in some former fashion to increase production at a very attractive economic rates.

So when you say, use your paper, you mean potentially debt and equity or equity to buy and then cash to ramp it up?

Debt and equity, and again with the strength of our balance sheet, we’re getting all sorts of innovative ideas coming from our friendly bankers on how that might work but we're not going to put our balance sheet in any kind of jeopardy. As I’ve said time and time again, the balance sheet is something that we treasure in terms of making sure it stays strong. So we're not going to put that in any kind of harms way. But at the same time, we’ve done a good job at conserving cash, building cash and we’re now in a position to hopefully see something that will add some significant value. So at the same time that we cut our cost at our mines, which we've done a great job at over the last couple of years, if we could find an opportunity that has an all-in sustaining cost that's lower than our portfolio average rate now, we obviously create margin for our shareholders. And At the end of the day, it’s all about cash flow and in this business and that's we’re looking for opportunities to bring at free cash flow so that we can comfortably grow our business.

Can you talk a little bit - you said free cash flow by the fourth quarter. Is that after CapEx, what do you see as CapEx for the ongoing post Niobec sale -

That's everything. All of our capital, so right now two of our three mines are cash flow positive both Rosebel and Essakane are cash flow positive. Westwood right now, is still burning some cash is because it's in its development stage as it ramps up it’s commercial production, it will become cash flow positive as well. So what I want to do and what I've asked the team to do is, not just look at our mines and say we’re cash flow positive in aggregate, which we are by the way today. What I want to be able to say to our shareholders is that, taking into account our corporate G&A, which we've cut from $59 million to $40 million. Taking into account our financing, which runs at round that $40 million mark, taking into account our exploration that runs at around $40 million and I’m rounding here. So there’s an additional $120 million to burn on top of what we use at our mines that I want to neutralize with good costs, good discipline. And so what we're saying to our shareholders is that, by end of 2015 we want to be cash flow positive on a consolidated basis and that's a huge achievement for IAM GOLD because our major - our major arbitrage has been our, the factor mines, couple of our mines are very tough in terms of grade and hard rock. And our operations and our exploration people have just done a tremendous job in reducing that cost structure. So all-in, I want to see as producing cash after we've taken every dollar of expense right up to the corporate level.

Thanks very much guys.

The next question is from Botir Sharipov with HSBC. Please go ahead.

Hi everyone, congratulations on solid results. Couple of questions from me. First on Falagountou deposit, can you please outline the tonnage, the grades and how much are the mill feed will make up in 2015?

The average grades there - I don't have it handy right now, but I believe it's similar to the average reserves grade, slightly higher. It’s in the neighborhood of 1.05 to 1.1, somewhere in that neighborhood. Total contained ounces there within the total reserve is around 225,000 ounces. We are working on establishing haul road over there and we’ll be doing some pre stripping this year. I don't believe there's a material amount of production coming from Falagountou this year. It is somewhat softer rock, but most of it I believe starts hitting the mill next year after doing our infrastructure construction this year.

Okay, thanks. And on Rosebel, can you possibly elaborate on the potential heap leaching option there, specifically what are you thinking in terms of production and when it begin contributing, how much capital will it need and are you going to publish any sort of study on this?

I’ll answer your last question first. When we get to the point where we’re prepared to make a decision in investment, we certainly will publish some sort of report on what we're thinking there. It's really fairly early days right now. We've set out a number of samples from the different pits and zones at Rosebel, up to the United States to one of sort pre-eminent heap leach consulting and test laboratories. Those tests are ongoing right now. Some areas look very attractive and others less attractive. On a conceptual level, what we’re thinking about would be to add a heap leach as a marginal operation looking at the lower grade hard rock material to reduce the amount of operating cost - you lower you don't need concrete, you don’t need cement, and that sort of thing. That is sort of at the high level concept would be to augment what would be going to the mill by taking out lower grade portion provided its economic. The second concept we're looking at is for satellite deposits specially ones within EJBA [ph] that are further out. Obviously, haulage cost but a bigger part of the equation for those operations. So, for all of those operations, we will be evaluating heap leach as an alternative exploitation method, should we able to encounter some attractive deposits out there. At the end of the day, its early days, we're testing hard and the guys are still going at it very aggressively. But I would not expect to see anything definitive at least till the third, fourth quarter of this year.

Okay, great. And lastly on Sadiola. You sound more upbeat about the possible extension here. Is this more of a function of improved economics or your discussion with Anglo gold.

We have always been very optimistic, the origins of IAMGOLD start with Sadiola. It's a 1.7, 1.8 gram deposit. We've been there over 17 years together with Anglo we had purchased about $150 million with equipment that was to be dedicated towards the expansion. We have 18 megawatts of power generation at the site today. So we have a long history in Mali and we've never had any kind of operational issues that have been tied to any of the political issues in Mali. So as much as Mali has a high data in terms of its political system, for us it's been a very strong contributor to IAMGOLD over the years. We've mined over 7 million ounces over that deposit. So, we see a lot of opportunities at Sadiola. Anglo because of their financial position, doesn't have the where withal to make the investment. And I can't speak for [van CAT] [ph], he and I have become much closer in terms of our strategic discussions and business discussion and we are trying to help each other. And one of the things that we would like to do is help the Anglo buying the partner to come in and work with us for we would operate presumably with our expertise. We are the ones who design the expansion, and yeah we see that 1250 gold we see a project that has 17%, 18% after tax variable return. And we would move that production figure from sitting around that 200 mark, back to around the 400 mark that it seem on average through the year. So, answer to your question is, we see Sadiola as an excellent organic opportunity for IAMGOLD. It's an area we know well and I think we can leverage very well after current infrastructure. We can leverage off the current expertise and we can add real value. So, it's one of the situations where if we can help Anglo move this ahead, we will do it and we have been doing that. So the government of Mali obviously would like that to move ahead as well. So we have a number of people and I think van CAT would tell there is the same that I have been looking at it and he hasn’t been - he has been very public about the fact that he would like to find somebody to replace him there. So, that's why we continue to do.

Thanks Steve. Just a quick follow up on that, can we - with your balance sheet now and the strong liquidity obviously, can we possibly see or maybe take a larger stake in Sadiola and not 100% but largest stake and find the minority partner to replace Anglo gold?

My strong preference there is the key [indiscernible] the 41% maybe go to 51%. We've got our technical people looking at whether or not we can do a smaller expansion and make sure that it's economic. The results of that review haven't been completed. But given the fact that Essakane is going to be producing 400,000 ounces and we’ve got Mali potentially going up to 400,000 and then Rosebel will hopeful is going to be able to maintain or grow production. We have a large percentage of our production in one geographic area and my strong preference would be to try and make us more balanced between North America, South America and West Africa. So we don’t have any kind of severe allergy to expanding in West Africa. We like West Africa. Our history is in West Africa but from a risk management standpoint, I just think it's good - we will good governance to try to spread out a little bit. So rather keep our percentage or build it a little bit more, but right now we are not really looking at taking on 100% at Sadiola.

Okay. Thank you very much for taking my questions.

Your next question is from Steven Green with TD Securities. Please go ahead.

Good morning, everyone. This one I guess is for Gord. If you can just tell us - I guess expand a bit on at Westwood why the quarterly difference in Q2 and Q3 respectively stronger are you expecting shutdowns in Q1 and Q4?

Its actually Q1 and Q4 that are lighter and Q2 and Q3 are higher. It's really to do with sequencing speed. The nature of the deposit there is some very high grades stuffs and very low grade stuff are not very lower grade. And depending on how those sequenced in, given the current amount of development we have in place, the timing is such that we’re in slightly lower grade materials here in the first part of the year. There is a shut down scheduled over the third quarter and we are not planning on taking on in the first quarter right now. As we go forward and overtime, and as the reach of the development starts to spread out into multiple operating areas, we’ll be able to I think stabilize the fluctuation on grade through time a little bit. But right now given that's its still fairly early in the life, we have limited options as to which steps we can take when.

Okay, great. That's helpful. Thanks.

The next question is from Anita Soni with Credit Suisse. Please go ahead.

Good morning guys. Just quick question on Westwood reserve. I'm just trying to understand, why the grade declined to 7 gram per ton versus the previous 9?

When we came out with the reserve last year, I think we were bit aggressive, our dilution assumption. I mean the resource grade is around 13 and at that point in time we had put a 35% dilution on reserves. As we've been doing LOM this year and we've done four iterations of the LOM during 2014. So we are doing a lot of work on it. And we thought that was more prudent for right now about 50% dilution. I've reported previously in conference calls that in fact above where dilution is hitting for 2014. It's more or less on plan. We do see some opportunities to improve it. Right now, what the operation is focusing on is, as I sort of answered for Steve there, is really making sure we have operational flexibility and access to multiple working areas and we do expect as we look forward there are some really interesting opportunities to reduce that dilution figure in future. With all results there, we are seeing very nice positive reconciliation on both tonnes and grade as we are mining. It's early days, it's not statically significant and not for us to apply to stock use yet but its certainly positive what we’re seeing so far. So we - prudent to put a relatively conservative dilution factor on the reserves.

And then just moving on to the inferred category there, at that point what's embedded in the calculation there in terms of dilution it's already in the 10.86?

There is the natural dilution of – the orebody are done at a minimum list of 2.5 meters, whereas a lot of the veins are actually around 2 meters. So there are all diluted to about 2.5 meters if you will.

Okay. And your minimum cut off I read was 2 meters 6 gram per tonne material right.

Yes, exactly.

I guess second question would be on Rosebel. And I know I ask this every single quarter, but how much softer ore do you have left and what are your plans going forward in terms of the hard rock material?

Last year I think we ran around 31%, 32% hard rock, this year plan has us around 35% hard rock. Moving forward we get up to around 80% hard rock, I think about 2018. So there is still some significant amounts left but it's depleting rapidly. And it is the focus of our exploration activities in the area to locate additional soft rock. What happens in practice Anita is, that’s what is in our reserves and our resources. When we actually go in mine, we typically get a pretty strong pick in tonnage especially in the soft end transition, while we do get some in the hard rock as well. So when you do the reconciliation from the block model into the mine, great control model, we gain these extra tonnes more on the soft end. So I can tell - I told you sort of what's in the plan, what happens in practice is we tend to push it out a little bit further because we find additional soft rock.

All right. Thank you very much.

Thank you. I think that takes us to the end of the hour and I know there are other conference calls today that our audience will want to run to. So thank you very much for participating on the call. If you have any follow-up questions, the IR team is here to take your calls for those of you who are still in queue on the questions. Thank you very much.

Ladies and gentlemen, this concludes today's conference call. You may disconnect your lines. Thank you for participating. Have a pleasant day.