Iamgold receives key federal approval for Côté gold project
TSX-listed Iamgold said on Monday that it had received approval for its application under Section 36 of the Fisheries Act (Canada) for the Côté gold project in Ontario.
The project is a key milestone in attaining permits relating to impacts on fish habitats and tailings management, and the final publication of the amended Schedule 2 of the Metal and Diamond Mining Effluent Regulations is expected on July 8.
Côté is a 70:30 joint venture (JV) with Sumitomo Metal Mining (SMM). The project is expected to produce 460 000 oz/y of gold at an all-in sustaining costs (AISC) of about $700/oz in the first six years of its 16-year mine life.
The JV has been active in de-risking the project since the feasibility study was published in late 2018.
As of the end of May, the company has completed additional resource and geotechnical studies, and advanced mine planning, and completed over 60% of the detailed project engineering, including the tailings facility.
In a statement, the company said that this level of engineering had enabled the project to obtain firm bids and secure prices on all major equipment.
To date, 55% of project cost has firm pricing, further reducing technical and cost risks for the project leading. Iamgold's share of the anticipated go-forward range for capital is between $875-million and $925-million.
A formal decision on the construction of the Côté gold project will be made in conjunction with SMM, given a satisfactory environment for construction to proceed with appropriate work protocols in light of Covid-19 and without risk of interruption.
The company is currently working with SMM toward a formal decision, and a decision in the coming months would allow construction to start later this year with a targeted completion date of mid-2023.
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