Higher costs Canada’s IAMGOLD has updated the construction progress and costs for the Côté gold project in close proximity to Gogama, Ontario, raising the project’s estimated cost.
IAMGOLD owns 65 percent of the shares in the Canadian gold project, while the remaining stake of 35 percent is owned by Japan’s Sumitomo Metal Mining. Commercial gold production at Côté is scheduled to be initiated in the second half of 2023, according to data from IAMGOLD.
The miner said in a statement that the Côté is on schedule, and, at the end of June, it was completed in 27 percent. At the same time, the project’s total cost has expanded, and 70 percent of its cost will total between C$1.1 billion and C$1.2 billion. This represents a major increase compared with the company’s previous estimate according to which the same share of the project would generate costs of between C$ 875 million and C$ 925 million.