TORONTO (miningweekly.com) – Toronto-based Iamgold has officially opened its new Essakane mine in Burkina Faso, with a ceremony attended by senior government officials, including the West African nation's Prime Minister, Tertius Zongo.

“The Essakane gold mine is a cornerstone of Iamgold's million-ounce platform for future growth,” interim CEO Peter Jones said in a statement.

The mine is the biggest private foreign investment to date in Burkina Faso.

Essakane is 90% owned by Iamgold, with the government of Burkina Faso holding the remaining 10%.

Essakane reached commercial production in mid-July 2010 and the operation is expected to produce more than 500 000 oz of gold from start-up until the end of 2011.

Iamgold also has mines in Suriname, Canada and Botswana, as well as joint ventures in operations in Mali and Ghana.

The company expects to produce between 980 000 oz and 1,01-million ounces this year.

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