Business
IAMGOLD to Proceed with Construction of the Côté Gold Project in Ontario, Canada
Toronto, Ontario--(Newsfile Corp. - July 21, 2020) -  IAMGOLD Corporation  (TSX: IM...
About this update from Iamgold Corporation
[{"type":"text","content":"IAMGOLD to Proceed with Construction of the Côté Gold Project in Ontario, Canada(All figures in US dollars unless otherwise indicated.)Toronto, Ontario--(Newsfile Corp. - July 21, 2020) -  IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) (\"IAMGOLD\" or the \"Company\"), together with joint venture (\"JV\") partner Sumitomo Metal Mining Co., Ltd. (\"SMM\"), is pleased to announce the decision to proceed with the construction of the Côté Gold Project (\"Côté\", or the \"Project\"). The Project, located in northern Ontario approximately 20 km southwest of Gogama, 130 km southwest of Timmins, and 200 km northwest of Sudbury, is a 70/30 JV with SMM.The decision enables construction start in Q3 2020 with activities ramping up into Q4 2020. Côté construction will incorporate protocols to ensure the health and safety of employees, contractors and host communities in respect of COVID-19.Gordon Stothart, President and CEO of IAMGOLD, commented, \"The Côté Gold Project is transformational to the future of IAMGOLD. At a gold price of $1,700, Côté's expected NPV (on a 100% basis) is over $2 billion, with a 22.4% IRR. The Project is anticipated to generate over 1,000 jobs during construction, 450 jobs during operations, C$5 billion in wages and more than C$10 billion in GDP over its lifespan. Côté is a world-class deposit located in Canada, with estimated contained gold reserves of over 7 million ounces and exploration potential. Today's construction decision for the Project positions the Company well for the future by reducing overall operating costs (per ounce of gold), increasing total production capacity, increasing the number of operating mines and creating greater balance in our geographic diversity. While we focus on building Côté, we will continue to apply our de-risking approach to the Boto Gold Project in Senegal, commencing with meaningful investment in local infrastructure. We are very excited about building our growth pipeline and the future of the Company. We look forward to providing you with updates on our progress.\"Capital Spend and Financing: IAMGOLD's expected go-forward capital obligation (exclusive of sunk costs) is $875 - $925 million for its 70% share of project construction costs, assuming the leasing of major mining equipment of appr...