The Côté gold project is located in northeastern Ontario, Canada. (Image courtesy of IAMGOLD.) Image used for illustrative purpose only.
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Côté Gold mine set to enter production in March

IAMGOLD’s majority-owned Côté gold mine in Sudbury, Ontario, is set to enter production in March, the Canadian gold miner reported on Thursday.

The project entered 2023 with construction about 64% complete and finished the year at 98%, said CEO Renaud Adams in a news release.

“While first gold is on the horizon, our primary focus and efforts are on positioning the project for a steady ramp up of gold production through the year to achieve commercial production in the third quarter,” Adams said in the statement.

“We are now executing and ramping up commissioning activities, with crushing and screening successfully commissioned, and pre-commissioning ongoing on the HPGR and wet side of the plant,” he said.

“At steady run-rate, Côté Gold will be the third largest gold mine in Canada with an expected mine life exceeding 18 years and significant opportunities for growth.”

The mine is expected to produce 495,000 oz. per year at an all-in sustaining cost of $854/oz. for the first six years of its life.

IAMGOLD owns 60% of the project under a joint venture with Japan’s Sumitomo Metal Mining (40%). Production at Côté, on a 100% ownership basis, is projected to range between 220,000 and 290,000 oz. next year.

The company produced 465,000 oz. last year, hitting the upper end of its guidance range of 410,000-470,000 oz.

The majority of its production in 2023 came from the Essakane mine in Burkina Faso, with output totaling 372,000 oz. The Westwood mine in Quebec exceeded its guidance range of 70,000-90,000 oz. by producing 93,000 oz. for the year, including a record 12,400 oz. in December.

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