IAMGOLD reports 2019 attributable reserves of 16.7 million ounces

Nelligan joint venture project 60 km southwest of Chibougamau, Quebec. The project is owned 51% and operated by IAMGOLD, and 49% owned by Vanstar Mining Resources. (Image courtesy of Vanstar Mining Resources).

IAMGOLD’s (TSE: IMG) total attributable proven and probable reserves decreased by 6% to 16.7 million ounces at the end of 2019 from 17.9 million ounces of gold at the end of 2018. According to the company, the decrease was primarily due to mine depletion during the year given the company’s gold production of 762,000 ounces.

There was no change in the $1,200 per ounce gold price assumption for estimating Mineral Reserves at its owned and operated mines and development projects.

Total attributable measured and indicated resources (inclusive of Reserves) decreased overall by 2% or 0.7 million ounces to 27.2 million ounces of gold at the end of 2019.

IAMGOLD’s total attributable inferred resources increased by 38% or 3.3 million ounces to 12.0 million ounces of gold at the end of 2019, primarily due to the declaration of a Mineral Resource estimate at the Nelligan Gold Project in Quebec and the completion of an updated Mineral Resource estimate at the Côté Gold Project in Ontario.

There were no changes in the gold price assumptions for estimating mineral resources at Essakane, Rosebel, and resource-stage projects ($1,500 per ounce) or at Westwood ($1,200 per ounce).

“At the Nelligan Gold Project in Quebec, we declared an initial mineral resource and continued to identify additional resources at the Côté Gold Project”, president and COO, Gordon Stothart, said in a statement.

“We also announced an updated mineral resource estimate at Pitangui in Brazil, successfully converting 52% of its resources to the indicated category,”, he said.

“In addition to the ongoing resource development programs at our existing operations, the potential for delineation of additional resources from our planned 2020 exploration program is strong.”.