COVID-19, inflation and other cost pressures are starting to impact the budget for the gold mine IAMGOLD is building near Gogama. The open-pit Côté Gold Project is roughly at the halfway point of construction.
Last week, the Toronto mine builder web-chatted with mining analysts about its four quarter and 2021 year-end results and dove into some of the details on some red-flag issues that company executives are monitoring to keep the cost curve under control and plans to stay on schedule for a 2023 production start.
At the end of December, the Côté Gold Project was 43 per cent complete with detailed engineering work at 92 per cent. The development is located 125 kilometres south of Timmins and 175 kilometres north of Sudbury. It’s a 70-30 joint venture between IAMGOLD and Sumitomo Metal Mining of Japan.
Chief financial officer Daniella Dimitrov, IAMGOLD’s interim CEO, said the workforce at Côté made it through most of another pandemic year with minimal disruptions at the site until December hit. At year’s end there was a rapid rise in cases at the construction camp from Omicron that began to have an impact on the pace of work after the holidays.