IAMGOLD says Westwood Complex good to 2032

By Kevin Vincent

IAMGOLD Corporation has released updated Mineral Resource and Mineral Reserve (MRMR) estimates and a revised life of mine (LOM) plan for its Westwood Complex in Quebec, extending the mine life to 2032. The updates underline the success of the re-engineering and operational improvements at Westwood, showcasing its continued potential as a gold producer.

Key Highlights

1. Updated Life of Mine (LOM) Plan

• Mine life extended from 2025 to 2032, driven by underground mineral reserves.

• Projected 925,000 ounces of gold (oz Au) produced over the LOM, averaging 146,000 oz Au annually during the first three years (2025-2027).

• Processing plant recovery rate of 95% with a 1.0 Mt/year capacity.

2. Mineral Resource and Reserve Estimates

• Westwood Mineral Reserves:

• 2.6 Mt at 11.45 g/t Au, containing 955,400 ounces.

• Measured and Indicated Resources (inclusive of reserves):

• Westwood: 3.97 Mt at 12.80 g/t Au, containing 1.6 million ounces.

• Grand Duc: 3.01 Mt at 1.25 g/t Au, containing 121,000 ounces.

• Inferred Resources:

• Westwood: 4.29 Mt at 13.03 g/t Au, containing 1.8 million ounces.

• Grand Duc: 0.08 Mt at 1.28 g/t Au, containing 3,300 ounces.

3. Cost and Capital Expenditures

• Average operating cost of $239.91 per tonne processed over the LOM.

• Total sustaining capital expenditures estimated at $260.7 million.

4. Operational Efficiency

• The transition to batch processing will optimize plant usage as ore feed from the Grand Duc open pit concludes in 2025.

• Enhanced ground control and seismicity mitigation measures have opened new underground mining areas.

Expansion and Exploration Potential

• Grand Duc: Mine life to conclude in 2025, with processing ending in 2027; remains open to the west and east.

• Westwood: Mineralization remains open at depth, westward, and along the untested North and Zone-2 corridors.

Financial and Strategic Impact

In the last two quarters, Westwood has generated $42.6 million in mine-site free cash flow, validating the economic viability of the updated mine plan. IAMGOLD CEO Renaud Adams emphasized the project’s transformational progress:

“The updated mine plan demonstrates the ability of Westwood to expand underground operating areas and underscores the potential for further mine life extension and resource expansion.”

Historical Context

• Westwood Underground Mine: Operational since 2014.

• Grand Duc Open Pit: Began production in 2019, concluding in 2025.

• Fayolle Open Pit: Mined out by June 2024, now undergoing reclamation.

IAMGOLD’s comprehensive updates demonstrate the resilience and long-term prospects of the Westwood Complex as a cornerstone asset in its portfolio. The company’s ongoing focus on operational improvements and resource expansion positions Westwood for sustained success in the years ahead.

Tags: Quebec / Operational Updates / Gold / All Articles