TSX: IMG NYSE: IAG
TORONTO, Nov. 27, 2013 /CNW/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") announced today that IAMGOLD and/or its
subsidiary, Rosebel Gold Mines N.V. ("RGM") will fund the development
and operation of a solar power project (the "Solar Project") with an
installed capacity of five (5) megawatts in Suriname. The Solar Project
is delivering on a prior commitment to the Government of Suriname,
which was made in connection with a prior deal that significantly
lowered the Company's cost of power.
The cost to build the Solar Project is expected to be in the range of
$12 million to $14 million, including the work necessary to prepare and
provide access to the site. It is planned to be operational at the
start of the third quarter of 2014. The Solar Project will be managed
and operated by RGM, with all electric power being used at the RGM
site, and will interconnect to Suriname's electric power grid system.
Ron Halas
, Vice President, Commercial, South America, and Project
Coordinator stated, "This Solar Project is a positive step forward for
IAMGOLD and Suriname as a whole. Five megawatts of additional
generating capacity will help the mine to reduce operating costs and
free up existing power capacity for use by other customers in Suriname.
I am pleased that IAMGOLD has chosen this proven 'green' technology to
meet the increasing power needs at RGM."
Steven Letwin
, President and CEO, commented that, "As Rosebel
transitions from mining soft rock to harder rock deposits we need an
increased amount of power to crush and grind the ore to facilitate the
gold extraction. We have successfully negotiated reductions in the
cost of power at Rosebel and this solar project further improves the
cost and supply of power to meet our needs. Adapting such
technologies to our business is exactly the type of innovation this
industry requires to succeed in the future."
IAMGOLD will continue to work cooperatively with the Government of
Suriname on this project. The Company plans to share all technical
information with relevant Government Authorities and ADEK University of
Suriname so as to improve the understanding of solar power potential in
Suriname.
About IAMGOLD
IAMGOLD (www.iamgold.com) is a mid-tier mining company with six operating gold mines (including
current joint ventures) on three continents and one of the world's top
three niobium mines. A solid base of strategic assets in Canada, South
America and Africa is complemented by development and exploration
projects and continued assessment of accretive acquisition
opportunities. IAMGOLD is in a strong financial position with
extensive management and operational expertise.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
All information included in this news release, including any information
as to the Company's future financial or operating performance or
otherwise information as to expected or planned future events, and
other statements that express management's expectations or estimates of
future performance or of future events, other than statements of
historical fact, constitute forward looking information or
forward-looking statements and are based on expectations, plans,
estimates and projections as of the date of this news release.
Forward-looking statements are provided for the purpose of providing
information about management's current expectations and plans relating
to the future. Forward-looking statements in this news release are
generally identifiable by, but are not limited to, the use of the words
"will", "plan", "hopeful", "can", "expected", "range" and "until" and
other variations on these words or comparable terminology.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management, are inherently subject to significant business, economic,
competitive and other uncertainties and contingencies. The Company
cautions the reader that reliance on such forward-looking statements
involve risks, uncertainties and other factors that may cause the
actual financial results, performance or achievements of IAMGOLD or
actual future events to be materially different from the Company's
estimated future results, performance or achievements or expected or
planned future events expressed or implied by those forward-looking
statements, and the forward-looking statements are not guarantees of
future performance or the happening of expected or planned future
events. For a more comprehensive discussion of the risks faced by the
Company, and which may cause the actual financial results, performance
or achievements of IAMGOLD to be materially different from the
company's estimated future results, performance or achievements
expressed or implied by forward-looking information or forward-looking
statements, please refer to the Company's latest Annual Information
Form, filed with Canadian securities regulatory authorities at www.sedar.com, and filed under Form 40-F with the United States Securities Exchange
Commission at www.sec.gov/edgar.html. The Company disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new information,
future events or otherwise except as required by applicable law.
Please note:
This entire news release may be accessed via fax, e-mail, IAMGOLD's
website at www.iamgold.com and through CNW Group's website at www.newswire.ca. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.
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SOURCE IAMGOLD Corporation