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IAMGold lays out Cote development plans in detail for Timmins suppliers

Aug 20, 2020

Timmins-area mining suppliers got a front row seat Wednesday to IAMGOLD's plans for the Cote Gold Project south of the city. IAMGOLD President Gordon Stothart outlined the company's procurement approach to a group of about 65 Timmins business leaders who are competing against Sudbury-based suppliers for a slice of the company's $1 Billion project. 

Côté Gold will require 1,000 construction jobs and deliver 450 full-time positions once operations are running at capacity by 2024.

Côté will require three years of construction. Commercial production is slated to begin in 2023. Based on current resave estimates, the operation should have an 18-year mine life and with closure  between 2041 and 2042.

The current model suggests Côté will be profitable. Stothart told the web-based audience that within the first six years, Côté would realize annual gold production of 469,000 ounces and all-in sustaining costs of below $700 per ounce.

Tags: Northern Ontario / New Projects / Gold / All Articles