Joining me on the conference call today are Steve Letwin, President and CEO of IAMGOLD; Gord Stothart, Executive Vice President and Chief Operating Officer; Craig MacDougall, Senior Vice President, Exploration; Brian Trnkus, Vice President, Finance, who's filling in for our CFO, Carol Banducci, who is traveling today; and Tim Bradburn, Associate General Counsel and Corporate Secretary.
Our remarks today will include forward-looking statements. I'll refer you to the cautionary language regarding forward-looking information and our disclosure documents, and advise you 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 for playback purposes.
Now I'll turn the call over to our President and CEO, Steve Letwin.
Stephen Joseph James LetwinThanks, Bob, and good morning, everyone. While our result in the second quarter were in line with our expectations, we expect the pace of our development and expansion projects pick up in the second half, and we're confident we'll meet guidance for 2012. Sustaining profitability requires quality projects and greater control over what we do. As you know, 85% of our production comes from mines that we own and operate and 4 years with Côté Gold in our portfolio, we expect to move back closer to 95%. We're excited about our newest addition and with our year end resource update, we're targeting the conversion of a significant portion of the Côté Gold inferred deposit to the indicated category. I've always said our return on capital employed will be the key measure driving our strategies as opposed to growth at any cost. And I think more and more, we're going to hear companies that are industry-aligned with that thinking. On Slide 5, recapping our second performance. Our adjusted net earnings were $74 million or $0.20 a share, up 9% from the second quarter of 2011. This is before taking into account foreign exchange translation, lower valuations of our marketable securities and other items that don't measure how well we're operating the business.
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