Canadian miner to invest up to $1.3BN in new gold mine

Photo: Iamgold

Canada’s IAMGOLD has unveiled that its fourth mine under construction, the Côté Gold project in Canada, will cost about US$1.2 billion to US$1.3 billion to construct. This would represent a sharp increase compared with the miner's earlier esti-mate of between US$710 million and US$760 million.


“Accordingly, the Company is withdrawing its 2022 and 2023 Côté Gold project costs guidance and will provide a detailed updated costs and schedule estimates review before the end of the second quarter,” IAMGOLD said in a statement.


The Canadian business says it is a mid-tier gold miner which owns assets in three of the world’s regions: North America, South America and West Africa.


The miner has identified a target production of between 570,000 and 640,000 attributable oz of gold in 2022 from its Essakane mine in Burkina Faso, the Rosebel mine in Suriname, and Canada’s West-wood mine, according to data released by IAMGOLD.