Iamgold increases Westwood’s guidance

Gold ore. (Reference image by James St. John, Wikimedia Commons).

Iamgold Corporation (TSX: IMG) announced that, based on the recent operating experience, the Westwood gold mine in Quebec is expected to produce 100,000 to 125,000 ounces per annum. Previous assessments had set the mine’s guidance in the range of 95,000 to 105,000 ounces.

In a press release, the Toronto-based miner explained that the new guidance incorporates modified mining methods, operational practices and revised productivity assumptions. 

Iamgold is evaluating additional opportunities to improve production and economics such as utilizing excess mill capacity for supplementary feed opportunities and improving stope cycle and development productivities

In the course of the next three to four years, however, the company will proceed with a ramp-up process to allow development to achieve targeted steady-state production levels.

According to Iamgold, such productions levels include a guidance of 130,000 to 145,000 ounces per annum; all-in sustaining costs targeted to range between $1,000 to $1,100 per ounce sold during steady-state; an expected mine life beyond 2030, with potential to extend; and the mining method to be longhole open stoping and, depending upon the area, either underhand LHOS or bottom-up LHOS.

“With a goal of creating a safe and profitable underground mine, our team of in-house and external experts are developing an achievable, revised mining and development plan for Westwood,” Gordon Stothart, the firm’s president and COO, said in the media brief. “The guidance is based on Westwood’s operating reality, with potential for lower dilution and continued positive reconciliation to plan. While the first few years of ramp-up are modest, we are working to fill our mill with lower grade surface material from satellite prospects and with custom feed.”

The Westwood project is located on the Doyon property, 2.5 kilometres east of the former Doyon gold mine in the Bousquet Township. It covers 1,925 hectares and consists of 120 titles, one mining lease, one surface lease and three tailings leases.

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