Business
IAMGOLD Provides Update Following Provincial Directives Regarding COVID-19
Toronto, Ontario--(Newsfile Corp. - March 24, 2020) - IAMGOLD Corporation (TSX: IMG) ("IAMGO...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD Provides Update Following Provincial Directives Regarding COVID-19Toronto, Ontario--(Newsfile Corp. - March 24, 2020) - IAMGOLD Corporation (TSX: IMG) (\"IAMGOLD\" or the \"Company\") today provides an update on its activities in response to the Quebec and Ontario provincial directives intended to help reduce the transmission of the coronavirus disease (\"COVID-19\").On March 23, the Government of Quebec advised that all non-essential businesses must close effective one minute after midnight March 25 and remain closed until April 13, 2020. This directive includes mines and processing plants. Also on March 23, 2020, the Government of Ontario advised that all non-essential businesses must close effective midnight March 24, 2020 and remain closed for at least two weeks. IAMGOLD is complying with these directives by:Placing the Westwood Gold Mine (\"Westwood\") on care and maintenance within the provincial directive timeframe. Minimal staff will be in place during this period, and will follow strict hygiene and screening protocols, in addition to social distancing. Westwood is well-positioned to quickly and safely ramp-up mining operations at the appropriate time. Closing the Toronto office effective March 24, 2020 at midnight for at least two weeks per the Ontario directive, with the work-from-home protocol already in effect.Closing the Longueuil office effective one minute after midnight March 25 and until April 13, 2020 per the Quebec directive, with the work-from-home protocol already in effect.Activities at the Côté Gold Project (\"Côté\") in Ontario are not impacted by the Ontario directive as mining, exploration and development have been deemed \"essential\" activities in the province. The Company continues to be prudent in managing capital expenditures with derisking activities. We are reducing activities at the site to ensure integrity of equipment and protection of personnel. Our 2020 guidance is under review, and may change if the cessation timelines are protracted. The Company notes it has a strong balance sheet with US$830 million in cash and cash equivalents (excluding restricted cash and short term investments), plus an undrawn US$500 million credit facility as of December 31, 2019. We plan to act prudently, as is our practice, with respect to capital allocation during these challenging tim...