Iamgold and JV partner Sumitomo Metal Mining Co. have discovered a new gold zone at their Côté project.
IAMGOLD Corp Mining News
A planned reduction due to the stage of mine development and a realignment due to the 2019 guidance numbers were considered in making the decision.
The miner reported that Proven and Probable gold Reserves reached 17.9 million ounces at the end of 2018.
Building activities at Côté Gold, located in the Abitibi gold belt in Ontario, were slated to start in the first months of 2019, with pre-production beginning in late 2020.
Combined indicated and inferred resources for the satellite deposit, located 15 km northwest of its Essakane operation in Burkina Faso, amount to 376,000 gold ounces.
The goal: to stop the metal’s use as a convenient financing tool for South American guerrillas, armed African rebels and drug traffickers.
Company said feasibility study for its Boto gold asset outlines an economically robust, low cost production project which will produce 140,000 ounces of gold annually on average over a 13-year lifespan.
Company expects Côte Gold project to create as many as 1,200 jobs during the construction phase, estimated to last two years.
With the completion of the Japanese firm acquisition of 30% of Côté Gold Project, IAMGOLD's liquidity now exceeds $1 billion.
The deal comes as Sumitomo, Japan’s top gold miner, looks to boost its output through acquisitions and exploration.
Shares in most gold miners fell Monday as the precious metal price dropped more than 1% in early trading and was steadily heading to its largest single-session loss of the month.
Gold prices start the week off down, but are expected to pick up soon again.
Top miners BHP Billiton, Rio Tinto, Vale and Anglo American are among the firms at risk of rating downgrade.
The sale would be one of the largest of a U.S. gold mine since the price of the precious metal began falling in 2013.
Newmont, Kinross, Goldcorp and Iamgold among the companies said to be interested in all of part of Cripple Creek & Victor mine.
The deal will add US$7 million to US$8 million per year in cash flow to Sandstorm's portfolio.
This is Aaron Regent’s first acquisition since founding Toronto-based Magris Resources.
Sources close to X2 Resources, Davis' new company, have cast doubts on reports that the firm had made an offer.
The former Xstrata boss' new venture, X2 Resources, is "currently reviewing a number of opportunities in the metals and mining sector."
It is unclear whether Mick Davis bid for all the assets that BHP ended up including in the new to-be listed firm.
This is the first asset Aaron Regent's private equity firm acquires, after failing to buy Glencore’s Las Bambas copper project in Peru.
Decision comes on the heels of a finished inventory of permits, which aimed to clean up the sector.
Mining companies exploring and operating in Ecuador had some good news yesterday as President Rafael Correa said on state-owned radio station, Radio Publica, he might need to make it easier for miners from now on.
Mining company boss Steve Letwin was ecstatic when he struck a precedent-setting deal with the Canadian government to work together on a training project for African youth. “I think it’s the model of the future,” says the president of IAMGOLD Corp., the Toronto gold miner that operates the biggest mine in the West African country of Burkina Faso.