IAMGOLD Corporation Provided Key Update on Progress of Cote Gold Project

IAMGOLD announced updated capital costs, with modest increase in estimated project cost.

SEATTLE (Scrap Monster): Canadian miner IAMGOLD Corporation announced update on Cote gold project- a joint venture project with Sumitomo Metal Mining Co. Ltd. The company said that the project has achieved 27% completion as on June 30, 2021 and it remains well on track for commercial production in the second half of 2023.

According to company press release, the contract works for road widening and overburden stripping is in progress. The works on water management infrastructure and the tailings management facility has started. It announced commencement of plant site concrete works. It has completed construction of approximately 50% of the rooms of the permanent camp, it said.

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IAMGOLD announced updated capital costs, with modest increase in estimated project cost. The company’s share of updated estimated project costs from July this year is now estimated at $1,125- $1,175 million at a CAD to USD exchange rate of $1.30. This compares with previous estimate of $875-$925 million at an exchange rate of $1.35. The updated capital costs will now be reviewed by SMM.

The company announced reduction in total company-wide attributable gold production guidance for 2021 from 630,000-700,000 oz to 565,000-605,000 oz. Also, the cash cost guidance for the year was hiked from $930-$980 per oz of gold sold to $1,115-$1,150 per oz of gold sold.

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