IAMGOLD re-establishes 70% ownership of Côté Gold Mine
By Kevin Vincent
IAMGOLD Corporation has announced the completion of its repurchase of Sumitomo Metal Mining Co., Ltd.’s 9.7% interest in the Côté Gold Mine, restoring IAMGOLD’s full 70% stake in the project. This milestone, effective November 30, 2024, reaffirms IAMGOLD’s confidence in the potential of Côté Gold, poised to become one of Canada’s largest gold mines.
“I would like to sincerely thank Sumitomo on behalf of IAMGOLD and the Côté Gold team for their partnership and support,” said Renaud Adams, President and CEO of IAMGOLD. “This transaction was very important for IAMGOLD, demonstrating our strong working relationship and our mutual belief in the potential of Côté. We are honoured to stand beside Sumitomo as we work together to advance and grow what we believe will be among Canada’s largest gold mines for decades to come. In the near term, Côté remains on track for exiting this year at 90% of nameplate throughput, positioning the project well to achieve full run rate next year.”
The transaction, valued at approximately $377 million, includes a $23.7 million repurchase option fee accrued in 2023.
Côté Gold: A Flagship Canadian Asset
Located in Northern Ontario, Côté Gold is expected to be one of the largest gold mines in Canada, with production slated to ramp up to full capacity in 2025. The project is a cornerstone of IAMGOLD’s strategy, leveraging its scale, advanced mining technology, and long mine life to establish a strong foothold in the global gold market.
About IAMGOLD
IAMGOLD is a Canadian-based intermediate gold producer with operations in North America and West Africa. The company’s portfolio includes operating mines and advanced exploration projects within highly prospective mining districts. Employing approximately 3,600 people, IAMGOLD is committed to high standards of Environmental, Social, and Governance practices under its Zero Harm® initiative.
With the completion of this transaction, IAMGOLD reinforces its commitment to delivering long-term value for shareholders while advancing one of Canada’s most promising gold projects.
Tags: Northern Ontario / Deals & Financial / Gold / All Articles