The Toronto-based miner also said its chair Maryse Belanger has been appointed interim president and chief executive to try to tackle the situation. She has taken over from CFO and executive VP of strategy and corporate development, Daniella Dimitrov, who acted as the top boss after Gordon Stothart walked away in January this year. Belanger will focus now on finding ways to address the project’s funding gap.
Iamgold said it had suspended its 2022 and 2023 costs guidance for the project, adding it would provide a detailed updated costs and schedule estimate before the end of the second quarter.
“This isn’t entirely a surprise,” BMO analyst Jackie Przybylowsk wrote on Wednesday. “We were highly skeptical of the previous budget, but the magnitude of the increase is above our previous estimates, and this is ahead of the release of a detailed project review…
