The new IAMGOLD Coté Lake gold mine project is going to be bigger than most people expect according to the company president and CEO Stephen J.J. Letwin, who spoke to the business community of Timmins at the Dante Club on Friday.
He said the project will generate more than $9 billion in economic activity over the 17-year production life of the mine as well as generating billions in payroll. Letwin said this would create a positive impact on the economies of Timmins, Sudbury, Gogama and Northern Ontario.
Letwin was in Timmins with several other company executives as they were taking part in an inspection tour of the new property located south of Gogama, and just a few kilometres west of Highway 144 in Chester and Yeo Townships.
The mining property was once known as the Trelawney project. It was purchased by IAMGOLD on June 21, 2012. On that day the price of gold was U.S. $1,560 an ounce. But despite changes in the gold price, Letwin said things are still moving ahead with the plans for the new open pit mine.
Letwin said the lower price of gold this week creates challenges because the shareholders and investors get worried. The price of gold was hovering around U.S. $1205 an ounce Friday afternoon. Sixty days ago it was at U.S. $1,240 an ounce. One year ago it was more than U.S. $1,325 an ounce.
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