11:52 AM EST, 12/13/2019 (MT Newswires) -- Iamgold (IMG.TO) edged lower after the miner on Friday updated its production guidance for the Westwood gold mine in Quebec as the company revises its mine plan for the property after cutting the workforce by a third earlier this year.

The company said it expects production at the mine to be between 100,000 and 125,000 ounces per year, up from a March estimate of 100,000 to 125,000 ounces, with all-in sustaining costs of US$1,125 to US$1,225 per ounce.

It expects to raise output to between 130,000 to 145,000 ounce annually after a ramp-up period Iamgold expects to take as long as four years.

"With a goal of creating a safe and profitable underground mine, our team of in-house and external experts are developing an achievable, revised mining and development plan for Westwood," chief operating officer Gordon Stothart said in a release. "The guidance is based on Westwood's operating reality, with potential for lower dilution and continued positive reconciliation to plan."

Iamgold laid off 32% of the mine's staff in March as it looked for ways to cut costs on the project as its completes a new mine plan and resource estimate following a 2015 earthquake that cut output from the project

Iamgold expects to use the mine's mill to process third-party ores or surface material from nearby prospects.

Iamgold shares were last seen down C$0.01 to C$4.48 on the Toronto Stock Exchange after earlier touching C$4.31.

Price: 4.38, Change: -0.11, Percent Change: -2.45