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4 million ounces added at IAMGOLD’s Côté Gold Project making it the third-largest gold mine in Canada

May 1, 2024

by Kevin Vincent

It took nearly two decades to get it across the regulatory finish line, but it was worth the wait. IAMGOLD’s Côté Mine is expected to add billions to Ontario’s GDP and the estimated payroll over the life of the mine is more than $5 billion. And it’s growing.
IAMGOLD Corporation updated the Mineral Reserves and Mineral Resources statement for the Côté Gold and Gosselin properties earlier this year as the company prepared for its ceremonial production launch May 22nd.
“The IAMGOLD exploration and operating teams have done an exceptional job over the past year, ensuring that we have replaced more than we mined during a period when our focus and capital was directed towards the upcoming ramp up of Côté Gold,” said Renaud Adams, President and Chief Executive Officer of IAMGOLD.
“The updated resource at Gosselin is very exciting as the value of this deposit to the Côté project is clear. Gosselin is a large-scale deposit sitting immediately adjacent to Côté, that when combined have an estimated Measured and Indicated Mineral Resource of 16.5 million ounces with an additional 4.2 million ounces of Inferred, putting the project in exclusive company of large-scale Canadian assets. This year we look forward to the continued drilling of Gosselin, targeting the potential connecting extensions of the breccias between the resource pits, as well drilling beneath the mineralized envelopes to test the depth extensions and give some insights into the ultimate potential of these highly prospective deposits.”
The demobilization of facilities and completion of multiple construction contracts marked a pivotal moment as the company prepares for the exciting journey ahead. With production expected to begin towards the end of the first quarter of 2024, we are eager to see all our hard work come to fruition. Thank you for being a part of this incredible journey with us.
With fourteen autonomous haul trucks now commissioned and operating smoothly, along with four Pit Vipers undergoing testing for autonomous drilling, IAMGOLD is making significant strides towards enhancing efficiency and productivity.
The company’s operations team is dedicated to improving haulage roads and dumping locations to further streamline autonomous haulage processes and reduce cycle times. The commissioning of two Caterpillar 6060 electric shovels marked a milestone in the company‘s commitment to innovative mining practices.


Côté Gold announces first gold pour


Gold Pour Cote Mine


On March 31st, and just prior to print of the magazine, IAMGOLD announced that it had completed its first gold pour at the Côté Gold Mine which is operated as a joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd. (“Sumitomo”).
“I am delighted to announce that Côté Gold achieved the milestone of first gold pour, less than 90 days since the start of the pre-commissioning activities,” said Renaud Adams, President and Chief Executive Officer of IAMGOLD. This achievement represents the culmination of over 15 million hours of work over four years of construction - an incredible effort for the team on the ground as the project cost to first gold remains in line with the updated budget estimate while maintaining a near impeccable safety record. Further, I want to thank our partner Sumitomo for their continued support and dedication. This achievement is monumental for the Côté team, IAMGOLD, Sumitomo and for the gold mining industry itself.”
Commissioning activities at Côté have been progressing well, with performance achieved in the crushing, HPGR and processing circuits within expectations, including power consumption. With first gold now achieved, the next step and focus for IAMGOLD is on the ramp up of the operation to commercial production in the third quarter towards the goal of exiting the year at a 90% throughput rate. Production guidance from Côté this year, on a 100% basis, is unchanged at 220,000 to 290,000 ounces of gold, assuming the remaining milestones are achieved. At steady run-rate, Côté Gold is expected to be within the largest operating gold mines in Canada with an expected mine life exceeding 18 years and significant opportunities for growth. On a project level, combining the Côté and Gosselin deposits, Côté has a total estimated Measured and Indicated Mineral Resource of 16.5 million ounces with an additional 4.2 million ounces of Inferred, putting the project in exclusive company of large-scale Canadian assets.
Mr. Adams continued, “Côté 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. Further, this is just the beginning for Côté, 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.”


Come visit the Côté Gold Mine group at the Canadian Mining Expo in Timmins on June 5-6. Visit their booth in Arena 1, R1-09. Registration is open at www.canadianminingexpo.com


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Tags: Northern Ontario / Operational Updates / Gold / All Articles