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A potential gold mine south of Gogama that is expect to generate new jobs in the Northeast, including Sudbury, is “economically viable,” a new report says. IAMGOLD plans to create a new open pit mine at Cote Lake, south of Gogama, said its latest feasibility study has good news.
The company said the new gold mine project is called the IAMGOLD/Sumitomo Metal Mining Co. Ltd. Joint Venture Cote Gold Project, which reflects the partnership the company has had with the Sumitomo company of Japan since June of 2017.
“The results of the FS illustrate that Cote Gold is an economically viable, long-life project that is expected to be a low-cost producing mine,” the company said in a news release.
The company said the latest feasibility report confirms an earlier study, and now provides “the basis for making a production decision and serves to fully support the permitting process.”
The news is not unexpected since the company has been saying for a year it anticipated no significant problems with permitting and had every reason to expect to go forward with a two-year construction phase beginning in 2019.
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