TSX-listed Iamgold announced on Tuesday that it would reduce its workforce at the Westwood gold mine, in Quebec, by 32%.
The decision arose from both planned reductions, which are owing to the stage of mine development, and from realignment reductions, which are owing to previously disclosed production guidance.
The company set Westwood’s production guidance for 2019 at between 100 000 oz and 120 000 oz, with the workforce reduction intended to stabilise costs.
Further, Iamgold said it would publish a revised life-of-mine plan for Westwood, which the company would update stakeholders on during the fourth quarter.
“We regret that our valued colleagues are leaving us and we are providing redeployment assistance. We concluded that this difficult decision had to be made, in conjunction with planned reductions after assessing the balance of production levels and costs.
“We remain focused on developing a long-term plan for Westwood that is both safe and profitable,” said president and CEO Steve Letwin.