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IAMGOLD Receives Approval of Exploitation Permit for Its Boto Gold Project in Senegal and Provides Project Update
All monetary amounts are expressed in U.S. dollars, unless otherwise indicated. Toronto, On...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD Receives Approval of Exploitation Permit for Its Boto Gold Project in Senegal and Provides Project UpdateAll monetary amounts are expressed in U.S. dollars, unless otherwise indicated.Toronto, Ontario--(Newsfile Corp. - January 13, 2020) - IAMGOLD Corporation (TSX: IMG) (\"IAMGOLD\" or the \"Company\") today announced that the Government of the Republic of Senegal has approved the mining permit application for the Boto Gold Project (\"Boto\" or the \"Project\") for an initial period of 20 years, principally under the provisions of Senegal's 2003 mining code. The receipt of the mining permit positions the Project for a development decision and eventual production.Boto is one of IAMGOLD's most advanced growth projects. Based on the results of various development and operating optimizations undertaken since the completion of the Feasibility Study (\"FS\") for the Project (see news release dated October 22, 2019), Boto is expected to produce an average of 160,000 ounces of gold per year during the first six years of operations, averaging 130,000 ounces of gold per year at all-in sustaining costs of $842 per ounce sold over a mine life of approximately 11 years. With expected initial capital expenditures of $271 million, the Project represents an after-tax Net Present Value (6% discount) of $219 million using a gold price assumption of $1,350 per ounce.Gord Stothart, President and COO of IAMGOLD, said, \"The Boto Gold Project generates impressive returns and margins, and we are very pleased to now be in receipt of the exploitation permit. We thank the Government of Senegal for their ongoing support of this Project. Situated in the highly prospective Boto-Karita-Diakha gold district, the Project is well positioned to benefit from further discoveries. Work is already underway to obtain approvals for the next steps, supporting either a decision to proceed to full construction or further de-risk prior to construction approval.\"OPTIMIZATION STUDY HIGHLIGHTS (100% BASIS)Project Economics and Key Parameters FS-2018Optimization study 2019Optimization study 2019Gold Price Assumption used in financial analysis$1,250/oz$1,250/oz$1,350/ozMining Capacity at peak33 Mtpa38 Mtpa38 MtpaMilling Capacity (hard rock equivalent)2.5 Mtpa2.7 Mtpa2.7 MtpaAverage Annual Gold Production (Years 1-6)160,000 oz160,000 oz160,000 ozLOM Average Annual...