Overbudget Côté requires another $1.9bn to complete – Iamgold

.IAMGOLD_Corp provides new cost, economics and LoM plan for Ontario mine project requires $1.9bn to complete gold Ontario Canada project

Canadian gold miner Iamgold has provided a new cost to completion, economics and life-of-mine plan for its overbudget Côté gold project, in Ontario, stating on Wednesday that the gold mine would require another $1.9-billion to bring into production. Iamgold’s share would be $1.3-billion.

Belanger stressed that Côté was “transformational” for Iamgold. Once in production, the project was projected to offer robust free cash flow generation, averaging 365 000 oz/y at an all-in sustaining cost of $854/oz for 18 years, based on the 7.2-million ounces currently estimated in mineral reserves.

“We believe that Côté Gold is not just a project, but the start of a district, with minimal historical exploration targeting Côté/Gosselin-style intrusion-hosted deposits within our 596 kmShe stressed that Iamgold was actively pursuing various alternatives to increase liquidity to complete construction and deliver Côté on the updated schedule.

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