Big new Canada gold mine to enter production next month
The Côté gold mine, in Sudbury, Ontario, is on the cusp of production, Toronto-listed Iamgold reported on Thursday.
The project entered 2023 with construction about 64% completed and finished the year at 98% complete, said CEO Renaud Adams, adding that production was poised to begin next month.
“While first gold is on the horizon, our primary focus and efforts are on positioning the project for a steady ramp-up of gold production through the year to achieve commercial production in the third quarter,” he said.
At steady run-rate, Cote will be the third-biggest gold mine in Canada with an expected mine life exceeding 18 years and significant opportunities for growth.
Côté will produce 495 000 oz/y at an all-in sustaining cost of $854/oz for the first six years of its mine life.
The project is owned in a 60:40 joint venture with Sumitomo Metal Mining.
Production at Côté, on a 100% basis, is expected to be between 220 000 oz and 290 000 oz next year.
This will be a significant boost to Iamgold's output, with the miner having produced 465 000 oz last year - achieving the top end of its guidance range 410 000 oz to 470 000 oz.
The majority of production in 2023 came from the Essakane mine, in Burkina Faso, with output of 372 000 oz. The Westwood mine, in Quebec, produced in excess of the top end of its guidance range of 70 000 oz to 90 000 oz with 93 000 oz produced for the year, including a record 12 400 oz in December.
Consolidated 2024 attributable gold production for Essakane and Westwood is expected to be in the range of 430 000 oz to 490 000 oz, with Essakane attributable gold production expected to be in the range of 330 000 oz to 370 000 oz and Westwood gold production expected to be in the range of 100 000 oz to 120 000 oz.
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