Skyrocketing costs continue to hamper Gogama mine construction project – by Staff (Northern Ontario Business – August 3, 2022)

Remaining costs to complete Côté gold project is at $1.9 billion

The cost to finish IAMGOLD’s troubled Côté gold mine project will be close to $2 billion. The Toronto gold company released a project update on the Gogama-area open-pit development project in the wake of a thorough project review started last March.

In May, company management estimated it would take more than a billion dollars to complete construction and bring it into production. A new technical report issued by IAMGOLD now places that figure at $1.9 billion.

The costs that are attributable to IAMGOLD are estimated at $1.2 to $1.3 billion, as of July 1. Sumitomo Metal Mining of Japan is a 30 per cent partner with IAMGOLD at Côté. Construction is just past the halfway mark at 57 per cent.

At the beginning of the year, gold production was scheduled to start at the halfway of 2023. It’s now been pushed back to early 2024.

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