IAMGOLD now has funding in place to complete Côté Gold project
IAMGOLD announced this week it now has the funding in place to complete its Côté Gold project, located about an hour south of Timmins.
The company said it has completed the sale of its 95 per cent interest in Rosebel Gold Mines N.V. in Suriname to Zijin Mining Group Co. Ltd. for US$360 million (about $480 million Canadian), as well as the release of IAMGOLD's equipment lease liabilities amounting to approximately $41 million.
The remaining five per cent interest in Rosebel will continue to be held by the Government of Suriname.
"On behalf of the company, we would like to thank the Rosebel team for their hard work and commitment," said Maryse Bélanger, IAMGOLD’s interim president and CEO, in a statement.
"With the completion of the sale of Rosebel, IAMGOLD has achieved an important milestone in the company's strategy to create value for our stakeholders through disciplined portfolio management to fund the Côté Gold Project.”
“This transaction, in addition to the previously announced sale of IAMGOLD's West African gold assets and the financing agreement with Sumitomo, ensures the current remaining funding requirements for completion of construction at Côté have been met," Bélanger added.
Construction of Côté Gold began in 2020 and was expected to take three years and cost the company around $900 million. 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, starting in the fourth quarter of 2023.
However, rising costs and other challenges recently 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.
That meant the company needed to raise about $1.1 billion to complete the work.
In December, IAMGOLD announced an agreement with Sumitomo Metal Mining worth $340 million, giving the Japanese company a 10 per cent stake in Côté.
Also in December, IAMGOLD announced it was selling its Boto Gold project, located in western Africa, for $282 million.
Côté Gold is now more 70 per cent complete and is scheduled to come into production in early 2024.
Top Stories
-
-
-
-
-
-
-
-
W5 Investigates
W5 Investigates | 'Canadians should be very concerned about their drinking water': W5 investigates asbestos cement pipes
CTVNews.ca Top Stories
Officials: 2 dead, 5 missing in chocolate factory explosion
An explosion at a chocolate factory in Pennsylvania on Friday killed two people and left five people missing, authorities said. One person was pulled from the rubble overnight.
Putin says Russia will station tactical nukes in Belarus
Russian President Vladimir Putin announced plans on Saturday to station tactical nuclear weapons in neighboring Belarus, a warning to the West as it steps up military support for Ukraine.
Risk of a hard landing for Canadian economy is up, former Bank of Canada governor says
Former Bank of Canada governor Stephen Poloz says Canada’s economy is at a greater risk of a 'hard landing' — a rapid economic slowdown following a period of growth and approaching a recession.
Canadians view own country favourably but many unsure about Canada's system of government: survey
A recent study by the Angus Reid Institute found Canadians view their country more positively than Americans do, but only a slight majority of people in Canada believe their system of government is good.
Declining suicide rates in Europe may be linked to increased preventative initiatives: report
Within the last decade the total suicide rate among European nations have decreased, according to a new report that says increased suicide prevention initiatives may have helped bring down this death rate.
Russia 'largely stalled' in Bakhmut, shifting focus, U.K. says
The top commander of Ukraine's military said Saturday that his forces were pushing back against Russian troops in the long and grinding battle for the town of Bakhmut, and British military intelligence says Russia appears to be moving to a defensive strategy in eastern Ukraine.
Trump invokes Jan. 6 at Waco rally ahead of possible charges
A defiant and incendiary Donald Trump, facing a potential indictment, held the first rally of his 2024 presidential campaign Saturday in Waco, Texas, a city made famous by deadly resistance against law enforcement.
'Everything is interwoven': Trudeau and Biden vow continued Canada-U.S. collaboration during historic visit
U.S President Joe Biden and Prime Minister Justin Trudeau have announced updates on a number of cross-border issues, after a day of meetings on Parliament Hill.
Asylum seeker deal between U.S. and Canada won't stop drama at border, advocates say
About a dozen asylum seekers hoping to start a new life in Canada saw their plans hit a snag on Saturday afternoon when they learned an unofficial crossing between the Canadian and U.S. border no longer offered the safe passage they'd come to expect.
Barrie
-
Orillia Soldiers Memorial Hospital fills numerous nursing positions with job fair
Orillia's Soldiers Memorial Hospital looked to bolster its nursing staff on Saturday.
-
Wrong-way driver on Highway 11 charged in Bracebridge, Ont.
In all reports, police say the vehicle nearly caused multiple head-on collisions, including one with police.
-
Ontario Baseball holds Barrie, Ont. clinic to grow interest among girls
Baseball Ontario held the clinic for girls ages 8 to 16 as the organization moved towards bringing equity in baseball.
Toronto
-
Ontario to end program providing health care to uninsured residents
The Ontario government will be ending a program that provides health-care services to uninsured people at the end of the month, something doctors say is extremely concerning for marginalized communities.
-
Police seize 24 stolen vehicles from Halton Region destined for Dubai
Police have recovered 24 vehicles stolen from Halton Region in Morocco.
-
Undercover cops cleared in fatal shooting of armed suspect in Markham, Ont.
Two undercover police officers have been cleared of wrongdoing after firing 45 bullets from their guns when faced with two armed suspects in Markham, Ont., killing one and seriously injuring another.
Ottawa
-
Ottawa police investigating 'chemical like' odour in Kanata movie theatre
Ottawa fire says firefighters responded to a call about a strange odour in a theatre on Kanata Avenue just before 12 p.m. Saturday.
-
City considers $13 million grant for new hotel at Ottawa airport
Ottawa taxpayers could provide a $13 million grant to support the construction of a 180-room hotel at the Ottawa International Airport, as part of a program to support the airport's post-pandemic rebound.
-
A mixed bag of wintry weather could hamper travel in Ottawa, eastern Ontario
The calendar says spring, but winter's icy grip hasn't loosened just yet, as a mixture of snow, ice pellets and freezing rain is in the forecast.
Kitchener
-
Some Ukrainians refugees returning home due to K-W housing crisis: grassroots group
An organization that helps Ukrainian refugees resettle in Waterloo region says some are having so much trouble finding housing in Canada, they're opting to return to the war-torn country.
-
High schoolers send robots into battle at Waterloo competition
Thirty robots went head to head, battling for machine supremacy at the University of Waterloo FIRST Robotics Competition on Saturday.
-
Sold-out crowd celebrates all things pickle in Kitchener
A 'dill-icious' event took over THEMUSEUM in downtown Kitchener Friday night as Picklefest made its return.
London
-
London police warning public of a 'high risk offender'
The London Police Service has issued a public safety warning due to the release of a 'high risk offender.'
-
Concerned citizen helps foil bank fraud scam: Huron County OPP
A concerned citizen is being credited by police for foiling an elaborate bank fraud scam involving prepaid Visa credit cards that targeted an elderly Huron County resident earlier this month.
-
London’s halls of higher learning packed with prospective students for open houses
London, Ont.’s halls of higher learning were jammed with prospective students Saturday. Both Fanshawe College and Western University held spring open houses.
Windsor
-
Wind warning in effect for Windsor, Ont. region
WEATHER I It’s going to be a dreary and windy start to the weekend for Windsor, with wind gusts of up to 100 km/h possible for the region on Saturday.
-
Driver caught going 55 km/h over the posted speed limit
A Windsor, Ont. driver will be walking for the next month after being caught driving 55 km/h over the posted speed limit.
-
Free prom dress giveaway lifts barriers
Events are returning in earnest, and families are being forced to prioritize material things in today’s tight economy. An event hosted by New Beginnings is trying to help.
Montreal
-
Asylum seeker deal between U.S. and Canada won't stop drama at border, advocates say
About a dozen asylum seekers hoping to start a new life in Canada saw their plans hit a snag on Saturday afternoon when they learned an unofficial crossing between the Canadian and U.S. border no longer offered the safe passage they'd come to expect.
-
No one injured in shooting in West Island suburb: police
Montreal police (SPVM) are investigating reports of gunshots in the West Island suburb of Dollard-des-Ormeaux on Saturday.
-
Montreal airport authority warns passengers about illegal taxi drivers
Illegal taxi drivers are posing a safety risk for passengers at Montreal-Trudeau International Airport, says the city's airport authority (ADM).
Atlantic
-
Messy mix of snow, ice pellets and rain Sunday into Monday
A low-pressure system moving up the coastline of Maine will cross Nova Scotia Sunday into early Monday morning, bringing a mix of snow, ice pellets and rain.
-
NDP MP introduces bill to combat online hate speech
Incidents of online hate speech are on the rise and an NDP MP is introducing new legislation to stop it.
-
No injuries reported in 'small explosion' at Université de Moncton
Firefighters and police in New Brunswick responded to an explosion at a lab on the campus of the Université de Moncton Saturday morning.
Winnipeg
-
Community group needs help clearing Winnipeg streets of litter
With the spring weather thawing out the city, Winnipeggers are noticing something being left behind by the disappearing snow.
-
Kings dump Jets 4-1, tie franchise mark for points
LOS ANGELES (AP) -- Viktor Arvidsson had two goals and the Los Angeles Kings matched their longest point streak in franchise history with a 4-1 victory over the Winnipeg Jets on Saturday afternoon.
-
'Go out and have a laugh': Festival of Fools kicks off at The Forks
A beloved circus-themed event has returned to The Forks, offering free children's entertainment for Winnipeggers throughout spring break.
Calgary
-
‘Beef for Biden’: Alberta favourite featured on dinner menu for presidential visit to Ottawa
Prime Minister Justin Trudeau and United States President Joe Biden shared dinner together for the first time Friday evening in Ottawa and a world-renowned Alberta favourite was included on the menu.
-
Halfway to cat cow: Calgarians enjoy kitty yoga for a cause
Cats searching for their forever homes darted in and out of eager yogis in Kensington Saturday morning.
-
In the middle of a career year, Backlund set to play 900th career game as a Flame
It's been mostly a bad year for the Flames, but it's been a pretty good one for Mikael Backlund.
Edmonton
-
Fundraiser to support respite, camp programs offered by Children's Autism Services of Edmonton
For the second year in a row, a local salon is leading an autism fundraising and awareness campaign.
-
Free hockey museum celebrating trailblazers pops up in Ice District for the day
The United by Hockey Mobile Museum is part of the NHL’s "Hockey Is For Everyone" initiative, which aims to foster positive change and inclusivity.
-
Golden Knights next in line to try and stop Connor McDavid
Although Connor McDavid recently became the 22nd player in NHL history to score 60 goals in a season, the player says his focus is on trying to help the Oilers continue their climb up the Pacific Division standings when they host the first-place Vegas Golden Knights on Saturday.
Vancouver
-
Crews battle 2nd commercial building fire of the day in Vancouver
Firefighters were called to a blaze at a commercial business in East Vancouver for the second time in less than 12 hours Saturday afternoon.
-
'Unexpected limited physician availability' closes emergency room in B.C. Interior
A hospital in the B.C. Interior was forced to close its emergency department because of a lack of staff Saturday, according to the local health authority.
-
'I'm Just Here for the Riot': Vancouver directors to tackle 2011 Stanley Cup riot in ESPN documentary
Acclaimed Vancouver film directors Asia Youngman and Kathleen Jayme are collaborating on a forthcoming ESPN documentary about one of the darkest moments in the city's recent history.