TIMMINS – Timmins, Gogama, Mattagami First Nation and Sudbury are all expected to benefit from the creation of the North’s newest gold mine, the IAMGOLD Corporation Cȏté Lake project.
The property is located 27 kilometres south of Gogama and 132 kilometres south of Timmins. The company revealed Tuesday that ground-clearing is expected to happen there by this time next winter.
The construction phase could create as many as 1,200 jobs over two years with the operational phase having 400 to 500 jobs. It’s a brighter story now than it was back in August 2015 when IAMGOLD revealed it was temporarily suspending the project and laying off workers, going from 33 permanent employees down to two.
The price of gold that week was $1,160 US per ounce. The price of gold on Tuesday afternoon was $1,330 US per ounce. At a company open house held at the McIntyre Auditorium in Timmins Tuesday afternoon, environmental director Steven Woolfenden said the long-anticipated environmental approvals came through in the past 22 months.
“I am glad to say, and it took a lot of work, that we achieved approvals both from the federal government and the Ontario government,” he said.
“Both of those decisions come with an extensive number of commitments and requirements that we have to manage. The feds have 90 conditions they have applied to the project. The province has 95. Some of those overlap, some of them don’t.”
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