IAMGOLD (TSX: IMG) has declared that it has achieved commercial production at the Cote Gold Mine. The declaration implies that the mine has successfully operated at an average of 60% of nameplate capacity for a consecutive 30 days, and follows the first gold pour that occurred back in March.
The advent of commercial production implies that the operation has been been operating at a throughput of roughly 21,600 tonnes per day. IAMGOLD has said that it aims to exit the year operating at 90% of nameplate capacity.
“With commercial production behind us we continue to focus on improving plant availability towards our goal of Côté exiting the year at 90% of nameplate throughput. Further, in May we completed our equity financing which has positioned us well to repurchase the 9.7% interest in Côté this November and return to 70% ownership thereby gaining more exposure to this foundational and keystone asset for the benefit of all our stakeholders,” commented Renaud Adams, CEO of IAMGOLD.
The company has said that major equipment has demonstrated the ability to operate at nameplate capacity or higher, with the firm in the second quarter focusing on testing processing circuits to handle nameplate loads.
The Cote Gold Mine, currently 60% owned by IAMGOLD and 40% owned by Sumitomo Metal Mining, is expected to produce 495,000 ounces of gold for the first five years of production, with the mine estimated to have a total mine life of 18 years.
IAMGOLD last traded at $5.69 on the TSX.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
