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Location
Gogama, Ontario, Canada
Ownership
64.75% IAMGOLD
Project Status
Feasibility Study announced November 1, 2018
Reserves and Resources (Attributable Basis)
- Total Proven and Probable Reserves of 4.7 million ounces.
- 69% of total Reserve ounces are in the Proven category.
- Total Measured and Indicated Resources (inclusive of Reserves) of 6.5 million ounces.
- Total Inferred Resources of 1.6 million ounces.
Project Highlights
| Project Economics and Key Parameters |
|
Base Case1 |
Extended2 |
| Mining Capacity |
62 Mtpa |
70 Mtpa |
| Milling Capacity |
13.1 Mtpa |
13.1 Mtpa |
| LOM Average Annual Gold Production |
367,000 oz. |
372,000 oz. |
| LOM Average Gold Recovery Rate |
91.8% |
91.8% |
| Average production during full production years |
428,000 oz. (years 1 - 12) |
407,000 oz. (years 1 - 15) |
| Mine Life |
16 years |
18 years |
| LOM Average Total Cash Costs |
$594/oz |
$606/oz |
| LOM Average AISC |
$694/oz |
$703/oz |
| Average Mill Feed Grade |
0.98 g/t Au |
0.97 g/t Au |
| Average LOM Strip Ratio |
2.42:1 |
2.62:1 |
| Estimated Capital Expenditure |
|
|
| Initial Capital3 |
$1,147 million |
$1,147 million |
| Sustaining Capital4 |
$527 million |
$589 million |
| Closure Costs |
$63 million |
$63 million |
| Gold Price Assumption used in financial analysis |
$1,250/oz |
$1,250/oz |
| Pre-tax NPV (5%) |
$1,242 million |
$1,404 million |
| Pre-Tax IRR |
18.7% |
18.7% |
| After-tax NPV (5%) |
$795 million |
$905 million |
| After-tax IRR |
15.2% |
15.4% |
| Payback Period |
4.4 years |
4.4 years |
1 The Base Case supports the current permitting process.
2The Extended Mine Plan supports the total Mineral Reserves and may require permit amendments. Extended Mine Plan economic parameters are stand-alone and are not additive to the Base Case.
3 The Company expects to enter into equipment lease arrangements of approximately $134 million.
4 For the purposes of this feasibility study, post operating start-up, all waste mining costs and major equipment components are included in operating costs as expenses and are not included in sustaining capital.
* US$/C$ exchange rate of $1.30.
Location
The Côté Gold Project is located in the Chester and Yeo Townships, District of Sudbury, in northeastern Ontario. It is approximately 20 km southwest of Gogama, 130 km southwest of Timmins, and 200 km northwest of Sudbury, roughly 5 km west of Highway 144.
The Project area is characterized by gentle hills, forests, lakes and rivers. The Project area is located on two subwatersheds, the Mollie River system and the Mesomikenda River system. Additionally, the continental watershed divide is located south of the Project property, with the nearest boundary located southwest and more than 3.5 km from the proposed open pit location. Land use in the area consists of recreational activities by locals and tourists, including fishing, camping and hunting. It is also extensively used for sustainable harvesting of timber.
History
IAMGOLD acquired Trelawney Mining and Exploration Inc. in 2012. Trelawney had carried out exploration activities at the Project site since 2009.
Exploration activities have been ongoing in the area since the early 1900s by various companies and government agencies. More concentrated mineral exploration efforts were conducted in the early 1940s and from the early 1970s to about 1990.
Since its discovery in 2010, extensive diamond drilling activities have been undertaken to delineate the Côté Gold deposit.