Toronto mining company weighs financing options while aiming for early 2024 production start
IAMGOLD is scrounging for funds in order to push its Côté open-pit mine project across the construction finish line. The Toronto gold company made the admission in releasing its third quarter financial and production numbers this week, reporting revenues of US$343.3 million, a net loss of $108.3 million and its highest quarterly gold production in two-and-half years from its other mines in Burkina Faso, Suriname and Canada.
At the end of September, the Côté project was 64 per cent complete as activity heads into a peak construction period with approximately 1,500 workers at the site. The company is aiming for a first gold pour and the start of mining at Côté early in 2024. So far, everything is on schedule.
The project is located halfway between Sudbury and Timmins and is 25 kilometres southwest of Gogama. Côté is a joint venture between IAMGOLD (64.75 per cent), Sumitomo Metal Mining (27.75 per cent) with other partners (7.5 per cent).
The mining company ran into a raft of issues earlier this year, involving a COVID outbreak, inflation, and supply chain issues that blew up the mine project pricetag.
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