RE: RE: RE: RE: what happened to this plan by IAM 2013 CAPITAL EXPENDITURE FORECAST
The Company previously announced that it was reducing its 2013 capital expenditure forecast due mainly to the delayed approval of the Sadiola sulphide project and the deferral of capital spending for the Niobec expansion. The timing of capital spending related to the Niobec expansion project will be aligned with the advancement of permitting and the outcomes derived from the completion of the feasibility study in the third quarter of 2013.
The Company is providing 2013 capital expenditure forecasts by operation upon completing a review of the key variables, including economic assumptions, incorporated in the life of mine plans and feasibility studies. As such, the Company`s 2013 capital spending forecasts for Westwood and Essakane are $100 million and $300 million, respectively. The forecast for Rosebel will be provided upon completion of the feasibility study, expected by the end of the first quarter 2013, and the Sadiola sulphide project is undergoing a strategy review. The Company is forecasting $80 million for capital spending at Niobec in 2013 for mine development, sustaining capital and the expansion feasibility study ($20 million).