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IAMGOLD Corp T.IMG

Alternate Symbol(s):  IAG

IAMGOLD Corporation is a Canada-based intermediate gold producer and developer. The Company’s principal activities are the exploration, development and operation of gold mining properties in North America and West Africa. Its projects include Côté Gold, Essakane, and Westwood. The Côté Gold Mine is a large-scale, generational open pit operation located between Sudbury and Timmins in central Ontario. The Essakane project is West Africa’s 6th largest gold mine located in Burkina Faso (West Africa) approximately 330 kilometers northeast of the capital, Ouagadougou. The Westwood Complex includes the high-grade underground mine and satellite open pits located near Rouyn-Noranda in Quebec. The Company also owns a 100% interest in the Nelligan Gold Project, located 60Km southwest of Chibougamau, Quebec, Canada.


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Post by 7Twiggyon May 21, 2024 11:22pm
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Post# 36051244

Cote gold project

Cote gold project

This company starts production at what could be Canada’s next great gold mine

Jocelyn Aspa Jocelyn Aspa, The Market Online
0 Comments| April 25, 2024
 

 1

Canada is the world’s fourth-largest producer of gold and first for investor interest. As a top-tier mining district that has seen its best producers trade at a premium – starting up a large scale, generational gold mine in the country is pretty significant.

Meet IAMGOLD (TSX:IMG), a Canadian-basedintermediate gold producer and developer that is focused on gold mining properties in North America and West Africa. Notably, its projects include Ct Gold and Westwood in Canada, and Essakane in Burkina Faso.

At the end of March, the company revealed it had made the first pour at its Ct Gold project, which IAMGOLD operates in Ontario as a joint venture with Sumitomo Metal Mining (60% IMG/40% SMM with an option to return to 70/30 within the next three years).

First pour at Ct Gold project

According to the company, the first pour at the project comes less than 90 days after the start of pre-commissioning activities and represents a combination of more than 15 million hours of work over four years of construction.

It is estimated that the Ct project has proven and probable reserves of 234.6 million tonnes grading 1.01 grams per tonne (/gt) gold containing 7.6 million ounces of gold.

However, in 2021 the company announced an initial resource estimate at the Gosselin deposit which is located immediately adjacent to (essentially touching) the Ct deposit. When you combine Ct and Gosselin, the Ct project has total measured and indicated resources (inclusive of reserves) of 606.1 million tonnes at 0.85 g/t gold for a total of 16.5 million ounces. The size, scope and location of Ct puts it in an exclusive category of gold mines in the industry.

“Ct is positioned as an innovation leader in our industry as the first gold mining project in North America designed and built for a fully automated haulage fleet. Automation not only brings significant benefits in health and safety and operating efficiencies but is a considerable step forward in the evolution of modern mining and the skilled workforce of tomorrow,” Renaud Adams, CEO of IAMGOLD, said in a statement. “Further, this is just the beginning for Ct, as we believe the project is the start of what will ultimately turn into a new mining district that will be a mining hub for decades to come.”

Ct is the first gold mining project in North America that has been designed and built for an automated haulage fleet, which means the fleet of mining trucks that hauls rock is self-driving, controlled by two operators in a central control room.

Now that first gold has been achieved, the company said the next step for IAMGOLD will be ramping up the mine to commercial production in Q3 with a goal of ending the year with a 90 per cent throughput rate. In terms of production guidance this year during the ramp up, IAMGOLD stated it is unchanged at 220,000 to 290,000 ounces of gold.


IAMGOLD estimates the mine will be one of Canada’s largest gold producers with a projected 18-year mine life. Throughout its lifetime, the Ct mine is projected to average 365,000 ounces of gold per year, while its first six years will produce 495,000 ounces of gold.

IAMGOLD in the news

In addition to its milestone first pour at the Ct mine, IAMGOLD announced in late February that it had acquired EURO Ressources, a French mining royalty and streaming company with its main assets including 10 per cent royalty from IAMGOLD on the Rosebel Gold Mine production in Suriname, a silver stream from a subsidiary of Orezone Gold Corp., a royalty on the Paul Isnard concessions in French Guiana and marketable securities.

Before that, IAMGOLD also reported its full year and Q4 2023 financial results that also included a 2024 outlook.

In a news release, the company stated that 2023 was a strong year thanks to gold production from continuing operations of 465,000 ounces, which was at its top end of its guidance range of 410,000 to 470,000 ounces.

Moving forward, IAMGOLD expects Ct Gold operations to exit the year at a throughput rate of approximately 90 per cent of the nameplate.

The investment corner

Now that operations at Ct Gold are ramping up, investors will have plenty to look forward to from IAMGOLD as it seeks to deliver on its promises.

Join the discussion: Find out what everybody’s saying about this stock on the IAMGOLD Bullboard investor discussion forum, and check out the rest of Stockhouse’s stock forums and message boards.

This is sponsored content issued on behalf of IAMGOLD, please see the full disclaimer here.



 
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