Mid-tier producer Iamgold Corp (IMG.TO) posted a 21 percent sequential rise in gold production in the fourth quarter and reaffirmed its 2011 production outlook.

The Toronto-based company said on Monday it expects to produce 1.1-1.2 million ounces in 2011, at cash costs of $565-$595 an ounce.

For 2010, the company said its production was at the high end of its view of 940,000-970,000 ounces.

Iamgold also said it sees 2011 capital expenditure of $460 million, which will be mainly used for expansion of its Rosebel mine in Suriname, Essakane mine in Burkina Faso and the development of its Westwood gold project in Canada.

In the fourth quarter, Iamgold had attributable gold production of more than 310,000 ounces.

Iamgold shares closed at C$17.10 on Monday on the Toronto Stock Exchange.

Gold Gold