Toronto, Ontario - (Newsfile Corp. - September 11, 2020) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company"), together with joint venture ("JV") partner Sumitomo Metal Mining Co., Ltd. ("SMM"), is pleased to announce the official ground-breaking for the Côté Gold Project ("Côté", or the "Project") took place on Friday, September 11, 2020.
President and CEO Gordon Stothart announced, "This ground-breaking symbolizes 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 utilizing sophisticated technology and ensuring the health and safety of all. We are grateful for the support of the federal, provincial and local governments, and delighted to host this ceremony alongside the Prime Minister of Canada, Premier of Ontario, MP Marc Serré, MPP Michael Mantha, Chief Chad Boissoneau from Mattagami First Nation and Chief Murray Ray from Flying Post First Nation, Minister John Yakabuski and Minister Greg Rickford."
Prime Minister Justin Trudeau commented, "Creating more than a thousand jobs during construction and 450 full-time positions once it's completed, today's ground-breaking of the Côte Gold mine is good news for the Flying Post First Nation and the Mattagami First Nation, for Northern Ontarians, and for the Canadian 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. Working together, we will build a resilient, healthier, cleaner, and more competitive economy, that creates good middle class jobs and gives everyone a fair chance to succeed."
"The opening of this mine is a prime example of how the Ontario government can help businesses grow and create jobs by cutting red tape and removing regulatory roadblocks, without cost to taxpayers," said Ontario Premier Doug Ford. "I want to thank IAMGOLD for making this significant investment in Northern Ontario, which will create good-paying jobs for the local community and support the long-term prosperity of both the region and Ontario as a whole."
Côté, located in northern Ontario approximately 20 km southwest of Gogama, 130 km southwest of Timmins, and 200 km northwest of Sudbury, is a 70/30 JV with partner SMM. The Project demonstrates potential to produce 460,000 ounces of gold annually at low all-in sustaining costs of approximately $700 per ounce in the first six years of production with an 18-year mine life. Côté is anticipated to generate over 1,000 jobs during construction, 450 jobs during operations, C$5 billion in wages and more than C$10 billion in GDP over its lifespan.
About IAMGOLD
IAMGOLD is a mid-tier mining company with three gold mines on three continents, including the Essakane mine in Burkina Faso, the Rosebel mine in Suriname, and the Westwood mine in Canada. A solid base of strategic assets is complemented by the Côté Gold development project in Canada, the Boto Gold development project in Senegal, as well as greenfield and brownfield exploration projects in various countries located in West Africa and the Americas. On July 21, 2020, the Company, together with joint venture partner Sumitomo Metal Mining Co. Ltd., announced the decision to proceed with the construction of the Côté Gold Project.
IAMGOLD is committed to maintaining its culture of accountable mining through high standards of ESG practices and employs approximately 5,000 people. IAMGOLD's commitment is to Zero Harm, in every aspect of its business. IAMGOLD is one of the companies on the JSI index.
IAMGOLD is listed on the Toronto Stock Exchange (trading symbol "IMG") and the New York Stock Exchange (trading symbol "IAG").
For further information please contact:
Indi Gopinathan, VP, Investor Relations & Corporate Communications, IAMGOLD Corporation
Tel: (416) 360-4743 Mobile: (416) 388-6883
Philip Rabenok, Senior Analyst, Investor Relations, IAMGOLD Corporation
Tel: (416) 933-5783 Mobile: (647) 967-9942
Toll-free: 1-888-464-9999 info@iamgold.com
