Construction of Côté Gold 92% complete, company announces
IAMGOLD reported strong progress this week in its Côté Gold project, with 92 per cent of construction completed and the overall project 90.6 per cent complete.
Located about an hour south of Timmins, construction began in 2020 and was expected to take three years and cost the company around $900 million.
However, rising costs and other challenges pushed back the opening to early 2024. IAMGOLD's share of the remaining costs to complete the project soared from $750 million to an estimated $1.3 billion.
Since raising the funds it needed, however, the construction budget and schedule has gone smoothly, with the project approximately 80 per cent complete as of the end of March 2023.
The lifespan of the mine is expected to be 16-18 years and produce 495,000 ounces of gold a year in its first six years.
Average production over the full 18 years is estimated at 365,000 ounces a year.
“IAMGOLD … is pleased to announce an update for the Côté Gold project highlighting the construction progress in the third quarter, alongside additional assay results from its continuing diamond drilling program at the Gosselin zone discovery located immediately adjacent to the Côté Gold deposit,” the company said on its website.
“Production (is) expected to commence in early 2024.”
The company said significant progress has been made in the dry and wet areas of the process facility, as bulk construction activities are winding down, ushering in the finishing and completion stages.
“Electrification of the site is ongoing following connection to the provincial hydro grid,” IAMGOLD said.
“Autonomous mining haul trucks have continued to ramp up, with 10 CAT 793F currently operating autonomously and a total of 14 commissioned.”
Hiring of key positions for operations has progressed well, IAMGOLD said, with 400 roles filled to date.
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
"It is an exciting time for IAMGOLD as we near the finish line of construction at Côté and start a new chapter at IAMGOLD,” Renaud Adams, president and CEO of IAMGOLD, said in a news release.
“This is a project that is critical for the repositioning of this company, as when Côté Gold comes online, the company will have a significantly higher production base and lower cost profile, providing a strong foundation of cashflow and growth opportunities in Canada.”
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6978861.1722008569!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
At least 4 buildings burned at Jasper Park Lodge, others damaged: Fairmont memo
The Fairmont Jasper Park Lodge said Thursday afternoon most of its structures are 'standing and intact,' including its iconic main lodge.
Major Canadian bank experiences direct deposit outage on payday
Scotiabank says it has fixed a technical issue that impacted direct deposits on Friday morning.
'He was just gone': Police ramp up search for vulnerable 3-year-old boy in Mississauga, Ont.
Police in Mississauga are conducting a full-scale search of the city’s biggest park for a non-verbal toddler who went missing Thursday evening. Sgt. Jennifer Trimble told reporters Friday morning that there has been no trace of three-year-old Zaid Abdullah since 6:20 p.m., when he was last seen with his parents in Erindale Park, near Dundas Street West and Mississauga Road.
Sask. appeal court says anti-trans group cannot join constitutional dispute over pronoun law
Saskatchewan’s Court of Appeal has denied a political group that opposes so-called “gender ideology” intervener status in a legal dispute over the province’s controversial pronoun law.
Driver charged after flashing high beams at approaching police
Orillia OPP arrested and charged a driver with impaired driving after flashing their high beams.
Powerful cartel leader 'El Mayo' Zambada was lured onto airplane before arrest in U.S., AP source says
A powerful Mexican drug cartel leader who eluded authorities for decades was duped into flying into the U.S., where he was arrested alongside a son of Joaquin "El Chapo" Guzman, according to a U.S. law enforcement official familiar with the matter.
Elon Musk's estranged daughter calls out his 'entirely fake' claims about her childhood
Vivian Jenna Wilson, Elon Musk's estranged daughter, publicly refuted several recent anti-trans statements her Tesla CEO and X owner father has made about her.
What we know about 'malicious' attack on French train network ahead of Olympics opening
French transport was thrust into chaos Friday just hours ahead of the Olympics 2024 opening ceremony after a series of co-ordinated 'malicious acts' upended high-speed train lines.Here's what happened and what we know so far.
When Barbie learned what a gynecologist was, so did many other people, according to new study
A new study published Thursday in the journal JAMA Network Open has found that the ending in the 2023 blockbuster film 'Barbie' had an influence on online search interest in terms around gynecology, the branch of medicine that deals with women’s reproductive health.