The Côté gold mine, situated 125km southwest of Timmins, Ontario, has achieved a significant milestone by pouring its inaugural bullion. Owned 70% by IAMGOLD (TSX: IMG | NYSE: IAG) and operated in collaboration with Sumitomo Metals Mining (30% ownership), the project is swifty advancing to commercial production.
IAMGOLD CEO, Renaud Adams, expressed his delight, stating, “Less than 90 days since the commencement of pre-commissioning activities, Côté gold has successfully achieved its first gold pour.” The project’s journey involved an impressive 15M work hours over four years of construction, all while adhering to the updated budget estimate and maintaining an impeccable safety record.
Commissioning activities at Côté are progressing smoothly, with crushing, high-pressure grinding rolls (HPGR), and processing circuits performing as anticipated, including efficient power consumption. The third quarter is earmarked for the declaration of commercial production, aiming to achieve a 90% throughput rate by year-end. Based on a 100% basis, this year’s production guidance ranges from 220,000 to 290,000oz of gold, contingent on successful completion of the remaining commissioning tasks.
Côté is poised to become one of Canada’s premier gold producers, boasting an impressive 18 year mine life. During the initial six years of operation, Côté is projected to yield 495,000oz of gold, with an average annual output of 365,000oz over the mine’s lifespan.
The mine’s proven and probable reserves stand at 234.6Mt, grading 1.01g/t gold and containing 7.6Moz. Additionally, measured and indicated resources encompass 444.8Moz at 0.84g/t, holding nearly 2.3Moz of gold. Inferred resources contribute 60.6Mt at 0.61g/t, equivalent to 714,000oz of gold.
Notably, Côté represents North America’s pioneering fully automated haulage fleet for gold mining—a testament to innovation and efficiency.
CEO Renaud Adams remains optimistic, emphasizing that Côté is merely the beginning. He envisions the project evolving into a new mining district, destined to be a thriving hub for decades to come. With Côté gold now online, Iamgold proudly operates three mines, including Essakane in Burkina Faso and Westwood in Quebec.
