TSX: IMG NYSE: IAG
TORONTO, Feb. 12, 2014 /CNW/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") announced that effective February 10, 2014
a minority of employees at the Company's joint venture Sadiola and
Yatela mines in Mali embarked on a strike over the issue of redundancy
pay packages. At this stage, production at both mines is proceeding as
normal.
Oumar Toguyeni, IAMGOLD's Regional Vice President, West Africa said, "At
the Sadiola mine production was halted at the FE3 pit, and mining is
now focused on the FE4 and Tambali pits to extract higher-grade oxide
ore, which is better suited to the existing plant. In September 2013,
at the neighbouring Yatela mine, the sharp decline in the gold price,
coupled with safety considerations, led to the suspension of mining and
discontinuation of the mining contracts."
IAMGOLD's joint venture partner at these two mines, AngloGold Ashanti
Limited oversees the local operations and remains in dialogue with
employees and their representatives, including the National Section of
Mines and Industries (SECNAMI), known locally as SECNAMI, in order to
find a solution suitable to all stakeholders.
The more focused scope of operation at Sadiola was necessitated by the
lower bullion price and is aimed at improving the mine's viability.
Unfortunately, however, it will affect employees of the joint venture,
as well as those employed by the mining contractor, LTA Mali.
The joint venture partners will also continue to engage all
stakeholders; a Life-of-Mine Forum has been established to continuously
inform employees of both mines, their respective unions and
representatives from our host communities, on developments relating to
the mines' respective futures.
About Sadiola and Yatela Gold Mines
Sadiola, the larger of the two operations in Mali, is a joint venture
operation by AngloGold Ashanti (41%), IAMGOLD (41%) and the government
of Mali (18%). The mine began operating in 1996 and is located in
southwestern Mali, near the Senegal border and 77 kilometres southwest
of the regional capital Kayes.
Yatela is 80% owned by the Sadiola Exploration Company Limited, a joint
venture between AngloGold Ashanti and IAMGOLD, giving each a 40% stake.
The balance of 20% is owned by the Government of Mali. Yatela is
situated in southwestern Mali, some 25 kilometres north of Sadiola and
approximately 50 kilometres south-southwest of the regional capital
Kayes.
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, and
other statements that express management's expectations or estimates of
future performance, other than statements of historical fact,
constitute forward looking information or forward-looking statements
and are based on expectations, estimates and projections as of the date
of this news release. Forward-looking statements contained in this news
release include, but are not limited to, statements with respect to:
the Company's guidance for production, total cash costs, all-in
sustaining costs, depreciation expense, effective tax rate, niobium
production and operating margin, capital expenditures, operations
outlook, cost management initiatives, development and expansion
projects, exploration, the future price of gold, the estimation of
mineral reserves and mineral resources, the realization of mineral
reserve and mineral resource estimates, the timing and amount of
estimated future production, costs of production, permitting
timelines, currency fluctuations, requirements for additional capital,
government regulation of mining operations, environmental risks,
unanticipated reclamation expenses, title disputes or claims and
limitations on insurance coverage. 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 are generally identifiable by, but are not limited to the,
use of the words "may", "will", "should", "continue", "expect" or
"anticipate" or the negative of these words or 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 and competitive uncertainties and
contingencies. The Company cautions the reader not to place any
reliance whatsoever on forward-looking information or forward-looking
statements. Forward- looking information and forward-looking statements
involve risks, uncertainties and other factors that 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 those
forward-looking statements, and the forward-looking statements are not
guarantees of future performance. Risks and unknowns inherent in all
projects include the inaccuracy of estimated reserves and resources,
metallurgical recoveries, capital and operating costs of such projects,
and the future prices for the relevant minerals. The capital
expenditures and time required to develop new mines or other projects
are considerable, and changes in costs or construction schedules can
affect project economics. Actual costs and economic returns may differ
materially from IAMGOLD's estimates or IAMGOLD could fail to obtain the
governmental approvals necessary for the operation of a project; in
either case, the project may not proceed, either on its original timing
or at all.
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.shtml. The risks described in the Annual Information Form (filed and viewable
on www.sedar.com and www.sec.gov/edgar.shtml, and available upon request from the Company) are hereby incorporated
by reference into this news release.
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.
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.
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.
Si vous désirez obtenir la version française de ce communiqué, veuillez
consulter le http://www.iamgold.com/French/Home/default.aspx.
SOURCE IAMGOLD Corporation