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.
CTVNews.ca Top Stories
'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.
Incredible photos show northern lights dancing across much of Canada
Sky-gazers and shutterbugs across much of Canada were treated to a spectacular display of northern lights Thursday night and into Friday morning.
Most Canadians believe speeding tickets should be tied to income: poll
A new survey conducted by Research Co. found that the majority of Canadians support tying speeding tickets to income, otherwise known as ‘progressive punishment.’
Trudeau says his kids 'no longer access' TikTok after Canadian government ban
Prime Minister Justin Trudeau's teenage daughter and son, Ella-Grace and Xavier, 'no longer access TikTok,' the father of three told reporters during a joint press conference with U.S. President Joe Biden in Ottawa on March 24.
Ontario crypto king kidnapped, tortured in an attempt to get millions in ransom, documents say
Ontario’s self-described crypto king was allegedly abducted, tortured, and beaten for days as his kidnappers looked to solicit millions in ransom, his father told a court in December.
As it happened: U.S. President Joe Biden's trip to Canada
After a day of meetings on Parliament Hill, U.S President Joe Biden and Prime Minister Justin Trudeau announced updates on various cross-border issues. CTVNews.ca breaks down Biden's first presidential visit to Canada, as it happened.
Canada’s Ivvavik National Park among most remote and beautiful places in the world: Big 7 Travel
Global travel site Big 7 Travel ranked the most remote and beautiful places in the world, and only one Canadians location—Ivvavik national park—is among them.
Eugene Levy, Sarah Polley, Jean Chretien, the two Michaels among guests at Biden gala dinner
Notable people will be in attendance at Friday’s gala dinner with U.S. President Joe Biden, hosted by Prime Minister Justin Trudeau and his wife at the Canadian Aviation and Space Museum, including former prime ministers and celebrities.
Sophie Gregoire Trudeau introduces Jill Biden to curling during Ottawa visit
The first lady of the United States got a sweeping introduction to Canadian sports culture in Ottawa Friday as Sophie Gregoire Trudeau took Jill Biden to the curling rink for her first trip to Ottawa.
Barrie
-
Barrie restaurants, bars brace for most significant alcohol tax jump in 40 years
Canada's restaurant industry is bracing for the biggest jump in the country's alcohol excise duty in more than 40 years, spurring warnings the tax hike could force some bars and restaurants out of business.
-
One of 7 men charged in Elnaz Hajtamiri case to be released from custody
One of the seven men charged in connection with the alleged frying pan assault and attempted abduction of Ontario woman Elnaz Hajtamiri weeks before her disappearance will be released from custody.
-
Barrie man at the centre of violent arrest sentenced for unrelated charges
Skyler Kent, the man violently arrested in downtown Barrie in 2021, pleaded guilty to multiple unrelated charges and one for threatening the arresting officer and was sentenced Friday.
Toronto
-
Ontario crypto king kidnapped, tortured in an attempt to get millions in ransom, documents say
Ontario’s self-described crypto king was allegedly abducted, tortured, and beaten for days as his kidnappers looked to solicit millions in ransom, his father told a court in December.
-
Ontario's 2022 Sunshine List is out. Who was the top earner?
Ontario's so-called sunshine list is out and the three top paid public employees in the province are all at Ontario Power Generation.
-
Ontario photographer captures Thursday's northern lights, reveals how best to see them tonight
An astrophotographer from southern Ontario captured Thursday night's display of the Aurora Borealis and has offered some tips and tricks for catching a glimpse of them yourself tonight.
Ottawa
-
NEW THIS MORNING
NEW THIS MORNING | 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.
-
Biden visits Ottawa: U.S. president wraps up two-day trip to Ottawa
Heavy security and sparse crowds gathered in downtown Ottawa for day two of U.S. President Joe Biden's whirlwind visit to the capital.
-
Here's a look at the highest paid public sector employees in Ottawa in 2022
Ottawa's former city manager, the top doctor and a deputy police chief were the highest paid public servants at Ottawa City Hall and Ottawa Police headquarters last year.
Kitchener
-
Fake ‘Catch the Ace’ tickets reportedly being sold in Hagersville
Organizers of the ‘Catch the Ace’ lottery in Hagersville are warning the public about fake tickets as the jackpot climbs closer to $2 million.
-
Northern lights put on a stunning show in southern Ontario
Southern Ontario got a show-stopping look at the northern lights Thursday and there may be a repeat performance this weekend.
-
Alleged death threats sent to regional chair, court documents show
A Kitchener man has been arrested by Waterloo regional police for making alleged death threats towards Region of Waterloo Chair Karen Redman.
London
-
Can this notorious London, Ont. intersection be made safer with a red light camera?
A new safety assessment of the Hamilton Road and Highbury Avenue intersection makes several recommendations to address the high number of collisions.
-
Cinder block thrown through window of south London restaurant
A London man was arrested early Friday morning after being spotted throwing a cinder block through the front door of a restaurant, according to police.
-
Byron barn battle takes another twist: volunteers vow to assist elderly man with hard labour
An elderly Byron man said he received numerous offers of help to clear away rotting barn rubble from his property, after a London, Ont. city council committee endorsed a recommendation to grant a demolition permit.
Windsor
-
Windsor-Essex brewers lament impact of looming 6.3% alcohol tax
On April 1, a 6.3 per cent federal excise tax goes into effect on beer, wine and spirits producers.
-
Windsor police officer demoted for ‘unnecessary’ arrest of two Black men
A Windsor police officer has been demoted for neglect of duty for the “unnecessary” arrest of two Black men.
-
Provincial funding boost in mental health services welcome news for Windsor-Essex health officials
Initial reaction to Ontario's 2023 budget indicates it’s being well received by pharmacists and mental health care officials in Windsor-Essex.
Montreal
-
Man in life-threatening condition after shooting in Pierrefonds-Roxboro: paramedics
A man in his 30s was sent to hospital in life-threatening condition after being shot in Pierrefonds-Roxboro Friday evening, paramedics say.
-
Airbnb to pull listings that don't have proper permits in Quebec
Short-term rental company Airbnb says it will pull listings that don't have a proper permit from the Quebec government. The San Francisco-based company made the announcement eight days after a fatal fire destroyed an Old Montreal building that housed illegal rentals.
-
Legault hails Canada-U.S. deal on Roxham Road 'a great victory'
Quebec Premier François Legault said he was 'happy' that Roxham Road will be 'closed' at midnight Friday as part of the agreement announced between Canada and the United States on asylum seekers.
Atlantic
-
EXCLUSIVE
EXCLUSIVE | Students hailed for aiding stabbed staff member; school principal and parents thank community
Two students are being recognized for their quick actions, and school administration and parents are thanking the community, after a difficult week at Charles P. Allen High School in Bedford, N.S.
-
Woman injured in west Saint John shooting, three suspects arrested
Police say a woman is in hospital following a shooting in west Saint John, N.B., early Friday morning and three suspects have been arrested.
-
Provinces compete to retain, recruit health-care workers
As competition for health-care workers heats up, so too does the bidding.
Winnipeg
-
'If it ain't broke, don't fix it': Proposed liquor in grocery stores pilot brings mixed reactions
There are mixed feelings in Manitoba about a proposed plan to expand liquor sales and put beer, wine and hard alcohol on the shelves of retailers like grocery stores.
-
'A sad thing that happens': Town of Arborg dealing with increase in stray cats
A town in Manitoba's Interlake area is trying to find new homes for stray cats that were dumped in the community.
-
Manitoba First Nation enforcing new measures to combat drug crisis
A Manitoba First Nation is enacting measures to combat an ongoing drug and addiction crisis while also calling on the federal and provincial governments to do more to address drug-related deaths within northern remote Indigenous communities.
Calgary
-
Calgary animator's latest short, MONSTR, streaming on HBO Max
Tank Standing Buffalo's MONSTR was one of eight animated shorts chosen from more than 1,200 submissions to be part of the HBO Max series Only You: An Animated Shorts Collection.
-
1 missing as 2 houses burn in afternoon fire in northwest Calgary
One person is missing and a dog is dead after two homes caught fire Friday afternoon in northwest Calgary.
-
Violent Calgary road rage: New photos released, persons of interest sought
Calgary police have released photos of a man and vehicle believed to be involved in a case of road rage last month that left the victim with substantial injuries.
Edmonton
-
Oilers ready to gear up for Pride night, say 'Hockey is for everyone'
Players with the Edmonton Oilers say they are committed to celebrating Pride on Saturday night when they take on the Vegas Golden Knights at Rogers Place.
-
Road closures for Edmonton police funeral procession announced
The procession is scheduled to leave the Alberta Legislature grounds toward Rogers Place at approximately 11:45 a.m.
-
'More concrete and parking': Critics concerned over Hawrelak Park trees after FOIP request
Members of Edmonton's River Valley Conservation Coalition board say a freedom of information request shows the city plans to remove trees in Hawrelak Park to make room for infrastructure during the controversial three-year rehabilitation project at the park.
Vancouver
-
'Fentanyl, it’s destroying everybody': Homeless crisis grows in Chilliwack
On the streets of Chilliwack, there are more homeless people than ever before, and some of them are barely teenagers.
-
Demand grows to ban octopus farms in Canada
Over 11,000 people have signed a petition demanding the Canadian government ban octopus farms from opening in the country.
-
'It was a whole dance of lights': Aurora borealis peeks through the clouds in Vancouver
Samuel Troya saw the northern lights over Vancouver once before, about a year and a half ago, but it was nothing like the spectacle he witnessed Friday morning.