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IAMGOLD Provides Côté Gold Third Quarter Progress Report and Announces Updated Technical Report Reconfirming Robust, Tier 1, Long-Life Project
All amounts are in US dollars at a USDCAD exchange rate of 1.30, unless otherwise indicated ...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD Provides Côté Gold Third Quarter Progress Report and Announces Updated Technical Report Reconfirming Robust, Tier 1, Long-Life ProjectAll amounts are in US dollars at a USDCAD exchange rate of 1.30, unless otherwise indicatedTHIRD QUARTER PROJECT UPDATE HIGHLIGHTS:Project completion at 36% and remains on track for H2 2023 commercial productionDetailed engineering 85% completeFish relocation program for 2021 completedPermanent camp installation 95% completeProcessing plant building steel pre-assembly started and installation initiated in mid-OctoberMajority of mine heavy mobile equipment orders placedUPDATED TECHNICAL REPORT HIGHLIGHTS (100% PROJECT BASIS):After-tax NPV5% of $1,597 million, 19% IRR and payback period of 3.7 years at US$1,600/oz gold price (from July 1, 2021)Annual average production of 489,000 ounces (316,600 ounces attributable) for years 1 to 5 following commercial production and 367,000 ounces (237,600 ounces attributable) life-of-mineMine life of 18 yearsLife-of-mine average all-in-sustaining costs of $802/ozTier 1 asset in Canada, one of the world's leading mining jurisdictionsDistrict scale potential with demonstrated exploration upsideToronto, Ontario--(Newsfile Corp. - October 18, 2021) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) (\"IAMGOLD\" or the \"Company\") announces an update on third quarter 2021 activities at the Côté Gold construction project (\"Côté Gold\" or the \"Project\") in Northern Ontario, a 70:30 joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd. (\"SMM\"). In addition, the Company is reporting results to be incorporated in a new technical report titled \"Technical Report on the Côté Gold Project, Ontario, Canada\" (the \"2021 Technical Report\") prepared by SLR Consulting (Canada) Ltd. (\"SLR\") in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\"), which reconfirms Côté Gold as a robust, long life project.Gordon Stothart, President and CEO of the Company, stated: \"The current reported results, to be incorporated in the 2021 Technical Report, confirm Côté Gold as a long-life, low-cost, tier 1 asset that, over the first full five years of production, is expected to deliver an average of 316,600 ounces of gold to IAMGOLD annually. Th...