A final decision on whether to proceed with the development of an open-pit gold mine near Gogama is coming in early 2019. IAMGOLD released a feasibility study for its Côté Gold Project in northeastern Ontario on Nov.1.
It’s the last technical and economic study done by a mining company in the various steps of assessing whether to bring a prospective property into production. The company had previously released a pre-feasibility study in June 2017.
The Côté Gold site is located five kilometres off of Highway 144, 20 kilometres southwest of Gogama, and is roughly halfway between Sudbury and Timmins. IAMGOLD has a 70-30 joint venture interest with Sumitomo Metal Mining on this project.
The Toronto mine developer has two mine plan scenarios to consider. The base case projects a 16-year mine life with average annual production of 367,000 ounces and all-in sustaining costs of $694 per ounce. Years 1 through 12 will deliver 428,000 ounces annually.
An extended mine plan tacks on an extra two years to the mine’s life with all-in sustaining costs of $703 per ounce. Average annual production increases to 372,000 ounces. In both scenarios, the upfront capital costs to carve it out remains at almost $1.15 billion.