Toronto-based gold miner Iamgold Corp. took a hit from an US$89-million impairment charge in its fourth quarter, but expressed optimism that three major development projects will boost its bottom line in the years ahead.

Iamgold, which reports in U.S. dollars, lost $47.3 million, or 13 cents per share in the last three months of 2009. This was less than half the year-earlier loss of $96.4 million or 33 cents per share, and included an $89-million non-cash impairment charge related to a writedown of its Camp Caiman project in French Guiana. This writedown was due to the fact that the French government has so far refused to issue permits for the project.

Iamgold says it has asked the Prefect of French Guiana to reimburse it to the tune of 275 million euros (C$391 million), and has appealed the government's "implicit refusal" to grant the request.

Excluding the impairment charge, Iamgold's adjusted net earnings were US$41.4 million or 11 cents per share in the fourth quarter. That compares with $16.4 million or six cents per share of adjusted earnings in the fourth quarter of 2008. Revenue for the quarter was $265.3 million, up 27 per cent from $209.6 million a year earlier.

Iamgold's interim president and CEO Peter Jones said Wednesday the mid-tier gold producer is focused on "aggressive organic growth" and will spend $35 million on greenfield exploration in 2010 alone. This comes on top of a series of projects that Iamgold is hoping will offset the closure of its older mines and boost production going forward.

Iamgold's main focus this year will be reaching commercial production at its Essakane project in the West African country of Burkina Faso. The company acquired Essakane from Orezone Gold Corp. in late 2008.

"Essakane is really the story of 2010 for us," Jones said on a conference call with analysts. "The project is now several months ahead of the original schedule and on budget. All major construction milestones have been met and we're confident in our estimated August commercial production date."

In addition to Essakane, Iamgold is also working on expanding the mill at its Niobec mine in Quebec, where it mines and produces niobium, a metal used to harden steel. It is also studying the feasibility of an expansion project at its Sadiola gold mine in Mali and is working to develop its Westwood project in Quebec.

Iamgold hopes to have the Sadiola expansion producing by 2012 and Westwood by 2013, Jones said.

"This is another illustration of the company's continued commitment to organic growth," he said.

The company's strong balance sheet, with over $420 million in available funds, positions it well to continue its exploration and development projects, he added.

"Even in a low gold price environment, say a $700 (per ounce) gold price, we're certainly still well funded to develop our current gold pipeline," Jones said. "This allows us the financial flexibility to take advantage of opportunities such as the Essakane project."

Essakane and Iamgold's other expansion projects will help it to offset the loss of production at the Doyon mine in Quebec and the Mupane mine in Botswana, where production is winding down, he added.

The company sold 233,000 ounces of gold at an average price of US$1,096 per ounce.

Sales of niobium increased to 1.45 million kilograms – up 49 per cent from 974,000 a year earlier.

Jones, former CEO of HudBay Minerals Inc., has been acting chief executive at Iamgold since Joseph Conway unexpectedly stepped down in January. Jones said he expects to begin interviewing candidates for the position in early March.

Shares in Iamgold lost 26 cents to $15.74 in afternoon trading on the Toronto Stock Exchange.