Situated 125 km southwest of Timmins, Ontario, Côté produced its first doré bar in April, attaining industrial manufacturing in August this yr.
The asset is presently owned as a three way partnership set in December 2022 between the Toronto-based miner and Sumitomo. On the time, the corporate confronted monetary hurdles, so it sought a mortgage from the Japanese miner to finish the Côté challenge. In consequence, Sumitomo’s stake in Côté elevated from 30% to 40%. The mortgage settlement allowed Iamgold to purchase again its 70% curiosity inside a specified interval.
In Might 2024, Iamgold introduced it had secured $300 million in funding that may be used to repurchase the 9.7% curiosity from its companion.
Complete gold manufacturing from Côté Gold this yr is anticipated to be within the vary of 220,000-290,000 ounces as enhancements to mill availability are made through the ramp-up of operations. Iamgold’s share within the mine is anticipated to be on the decrease finish of 130,000-175,000 ounces.
The corporate reiterated the mine was on monitor to succeed in 90% throughput by the top of the yr.
Along with Côté, Iamgold operates two different mines — Essakane in Burkina Faso and Westwood in Quebec, Canada.