IAMGOLD and Sumitomo Metal Mining have announced the successful start of commercial production at the Côté Gold Mine in Ontario, Canada. The mine has achieved the required operating standard by operating at 60% of its nameplate throughput capacity of 36,000 tonnes per day for 30 consecutive days.
The Côté Gold Mine is jointly owned by IAMGOLD, which holds a 60% stake, and Sumitomo Metal Mining, which owns the remaining 40%. The ramp-up of the plant continues to progress smoothly, with all major equipment performing at or above expected design levels, according to IAMGOLD.
Following the initial gold pour, the focus has shifted to testing the processing circuits under full load conditions. A multi-day maintenance shutdown is planned for September 2024 to address wear and tear issues that have impacted the availability of these circuits. This maintenance is part of the joint venture’s strategy to increase plant throughput to 90% by the end of the year.
IAMGOLD President and CEO Renaud Adams commented, “Since achieving the first gold pour on March 31, 2024, our teams have diligently tested and ramped up all aspects of the mine. This achievement required significant commitment, innovation, and teamwork to bring all systems online and reach this milestone. With commercial production now underway, our focus remains on enhancing plant availability with the goal of reaching 90% of nameplate throughput by year-end.”
In May 2024, IAMGOLD announced plans to divest 72 million common shares at $4.17 each, aiming to raise approximately $300 million (C$409.59 million). This move is part of IAMGOLD’s strategy to repurchase a 9.7% interest in the Côté Gold Mine from Sumitomo Metal Mining, with the goal of reclaiming its full 70% stake in the project.
The Côté Gold Mine is projected to have a mine life of around 18 years, with an estimated gold production of 205 tonnes and reserves of 235 million tonnes at 1.01 grams per tonne.
