Canada-headquartered gold miner Iamgold has increased its attributable proven and probable gold reserves by 23% to 17.9-million ounces at the end of 2018, from 14.5 million ounces of gold at the end of 2017.
The addition of 3.4-million ounces was primarily owing to the conversion of resources to reserves at Saramacca, in Suriname, Côté gold in Ontario, and at Boto gold in eastern Senegal, coupled with the previously announced reserve increase at the Essakane, following the prefeasibility Study.
These increases were partially offset by depletion during the year given the company's attributable gold production of 882 000 oz.
Total attributable measured and indicated gold resources increased overall by 13%, or 3.1-million ounces, to 27.9-million ounces of gold at the end of 2018. Total attributable inferred gold resources remained at a similar level to the prior year at 8.7-million ounces at the end of 2018.
"In 2018, we continued our work to increase reserve ounces at the Company, adding another 3.4 million ounces on top of the 6.7-million ounces we added in 2017, on an attributable basis. Over the last two years, we have increased our attributable reserves by 129%, net of mine depletion,” commented president and CEO Steve Letwin.