Operations
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Rosebel Gold Mine, Suriname

OVERVIEW

LOCATION

T he Rosebel gold mine is located in the mineral rich Brokopondo district in north eastern Suriname, South America.  Suriname is a former Dutch colony situated in northern South America bordering the Atlantic Ocean between French Guiana and Guyana.

The Rosebel property lies approximately 85 kilometres south of the capital city of Paramaribo.  The mining concession covers 170 square kilometres, with the Suriname River to the east, the Saramacca River to the west and the Brokopondo reserve to the south. The country covers an area of approximately 163,270 square kilometres with a population of around 500,000.

The property is accessible via paved and all weather gravel roads from Paramaribo, a drive of about 110 kilometres.  There is a small airstrip located onsite approximately 2 kilometres from the mill operations.  Suriname’s Zanderij International Airport is approximately 60 kilometres by road north of Rosebel.  Electrical energy is purchased directly from the Surinamese government and from a parastatal energy company.  Rosebel’s power is sourced from the nearby Afobaka hydroelectric generating station and from a diesel generation plant.

The economy of Suriname is dominated by the natural resources sector, in particular the bauxite industry. Additional natural resources include oil, gold, iron ore and forestry. The economy draws less than 10% of its income from the export of agricultural products including bananas, rice, timber, citrus fruits, shrimp and fish.

History

Gold was first discovered in the Rosebel area in 1879 when 600 small scale miners were reported to have been working on the concession. Since its discovery, the land has been both publicly and privately owned and operated. Most notable private owners have included Placer Development of Vancouver from 1974-1977, the Grasshopper Aluminum Company from 1979-1985 and Golden Star Resources Ltd. who acquired the Right of Exploration on the property in 1992.

A 1994 Mineral Agreement between Golden Star, Grassalco and the Government of Suriname replaced the 1992 exploration agreement and Golden Star was granted a five year right of exploration for the Rosebel property. Later in 1994, Cambior entered into an option to joint venture agreement with Golden Star to earn an initial 50 percent interest in the project.

A Feasibility Study and an Environmental Impact Statement were filed with the Government of Suriname in 1997.  A Pre-feasibility Study was delivered to the Ministry of Natural Resources in December 2000 and a final Feasibility Study was completed in August 2002.

In October 2001, Cambior acquired Golden Star’s remaining 50 percent interest in the Rosebel property. In addition, Golden Star transferred its rights in the adjacent Headley’s Reef and Thunder Mountain exploration concessions to Rosebel Gold Mines N.V. (“RGM”).  Commercial production commenced in February 2004 and IAMGOLD acquired Rosebel as part of its acquisition of Cambior in late 2006.

Milestones:

1992
Mineral Agreement between the Government of Suriname, Grassalco and Golden Star. 
1994 Earn-in agreement between Cambior and Golden Star.
1997 Grassroots exploration and Feasibility Study
2001 Cambior purchases remaining 50% interest from Golden Star 
2002 Final Feasibility Study
2003 Phase I construction (Design 4.8 Mpa)
2004 Commercial production (February)
2005 Completion of Phase II expansion (Design 5.8 Mpa)
2006 IAMGOLD acquires Rosebel through acquisition of Cambior (November)
2008 Record mine throughput and gold production. 
IAMGOLD acquires 86% of Euro Ressources S.A. which holds a royalty interest in Rosebel.
2009 Phase III mill expansion & optimization increases nameplate capacity to 11 Mtpa.
2010 Production at Rosebel of 395,000 attributable ounces at a cash cost of $484 per ounce