- IAMGOLD (IMG), with its joint venture partner Sumitomo Metal Mining, has officially launched the construction of its Côté Gold Project
- The company holds a 70 per cent stake in the project, which has the potential to produce 460,000 ounces of gold annually
- Canadian Prime Minister Justin Trudeau said the project will help to create a “resilient, healthier, cleaner, and more competitive economy”
- The project’s handover to an operations team, including an operational processing plant, is expected to occur in late-2023
- IAMGOLD (IMG) is currently up 4.49 per cent and is trading at C$5.58 per share
IAMGOLD (IMG), with its joint venture partner Sumitomo Metal Mining, has officially launched the construction of its Côté Gold Project.
The Toronto-based company holds a 70 per cent stake in the project, which is located roughly 20 kilometres southwest of Gogama and 130 kilometres southwest of Timmins in northern Ontario.
Over the course of an estimated 18-year mine life, the Côté Gold Project is expected to produce 460,000 ounces of gold each year at an all-in sustaining cost of C$700 per ounce.
In addition, the project will provide more than 1,000 jobs during the construction phase and will employ 450 people once operational. The Côté Gold Project will also generate approximately $5 billion in wages and over $10 billion in GDP.
Gordon Stothart, President and CEO of IAMGOLD, thanked a number of people for their involvement in bringing the project to its construction phase, including Chief Chad Boissoneau from Mattagami First Nation and Chief Murray Ray from Flying Post First Nation.
“This ground-breaking symbolises the construction start of the Côté Gold Project, a project which will be a model for modern Canadian mining.
“Côté is transformational for our local community and First Nations stakeholders, project partners, employees and IAMGOLD, bringing economic benefits to the region while utilising sophisticated technology and ensuring the health and safety of all,” he said.
The milestone achievement also prompted a response from the Prime Minister, Justin Trudeau, who said the project would assist in creating a “resilient, healthier, cleaner, and more competitive economy.”
“As the world continues to manage the impacts of COVID-19 and as we safely restart our economy, projects like this one will be vital to helping get Canadians back to work, and will continue to signal to international investors that Canada is a good place to do business,” he added.
The handover of the completed Côté Gold Project, which will include an operational processing plant, is expected to occur in late-2023.
IAMGOLD (IMG) is currently up 4.49 per cent and is trading at C$5.58 per share at 11:25am EDT.
