IAMGOLD to Begin Construction of $1.3 Billion Cote Gold Mine

SEATTLE (Scrap Monster): Iamgold Corp. has decided to forge ahead with the earlier announced $1.3 billion Cote Gold joint venture mine project in Northern Ontario, Canada. The construction of the mine will start this summer. The company’s partner in the project is Sumitomo Metal Mining, which has 30% ownership in the project.

The construction of the mine is scheduled to begin in Q3 this year. As per the company, almost 60% of the detailed project engineering is already complete. The project is expected to take approximately 32 months to complete. The construction phase will create more than 1,000 jobs. Upon opening of the mine during the second half of 2023, around 450 operations jobs will be created.

The mine is expected to produce approximately 370,000 ounces of gold per annum. The estimated mine life is around 18 years. The mine has probable reserves totalling 7.3 million ounces of gold.

Gordon Stothart, Iamgold president and CEO, in a release, noted that the new mine project will lead to overall reduction of overall operating costs per ounce of gold. Further, it will boost the company’s production capacity and enhance geographic diversity.

The company had recently received federal permitting approval under the Fisheries Act. Other approvals are underway.

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