Estimated operating costs also went up to C$854 ($665) per oz. of gold sold, from C$802 ($624) per oz. in its 2021 technical report.
In 2020, before construction began, Iamgold pegged its 70% of costs at $875-$925 million (which would put total costs at around $1.3 billion).
Côté’s mine life is estimated to be 18 years, with initial production now pushed ahead to early 2024 from the previous schedule of late 2023. The project is located about 125 km southwest of Timmins.
Iamgold interim CEO Maryse Bélanger said the company is pursuing alternatives to increase liquidity to complete construction and start production in line with the updated schedule.
“We expect to address these near-term challenges to advance Côté and better position Iamgold as a more resilient, agile company for the current environment,” she said.
The expenditure increase comes after the company’s previous assessment in January put…
