Search Site

cote-gold-project-ontario

Côté Gold Mine, Ontario

Ownership

60% IAMGOLD | 40% Sumitomo Metal Mining Co. Ltd. Joint Venture1

 

Location

The Côté Gold Project is located in the Chester and Yeo Townships, District of Sudbury, in northeastern Ontario. It is approximately 25 km southwest of Gogama, 125 km southwest of Timmins, and 175 km northwest of Sudbury. The project is accessible year round via Highway 144 which runs north-south 5 km to the east. The Côté Gold properties were assembled through staking and option agreements covering a total area of about 596 km2.

Côté Gold is located on Treaty 9 territory, on the traditional lands of Mattagami First Nation and Flying Post First Nation as well as within the traditional harvesting area of the Abitibi Inland Historic Métis Community, Métis Nation of Ontario Region 3.

Status

The first gold pour was completed on March 31, 2024, with the crushing, HPGR and processing circuits performing within expectations, including power consumption. Construction is also substantially complete and the construction teams have been demobilized with a successful handover to the operations team. Operations are scheduled to continue to ramp-up in the second quarter 2024 and commercial production is expected to be achieved during the third quarter 2024. The Company expects the Côté Gold operation to exit the year at approximately 90% of nameplate throughput.

Project Highlights

2022 Technical Report: Project Economics and Key Parameters
Metric (on a 100% basis)3,4 Units
Gold price (2024/2025) $/ounce $1,700
Gold price (long-term) $/ounce$1,600
USDCAD $ 1.25
Mine Life years 18
Maximum Mining Rate Mtpa 69
Total Ore Mined Mt236
Strip Ratio waste:ore 2.4:1
Mill Throughput tpd 37,200
Average grade g/t gold 0.96
LOM average recovery rate % 91.8
Years 1 to 6 average gold production4 ounces 495,000
LOM average annual gold production ounces 365,000
LOM recovered gold million ounces 6.58
Cash Costs2 (LOM average) $/ounce sold $693
AISC2 (LOM average) $/ounce sold $854
Costs to complete1 $ millions $1,908
Sustaining capital (ex-capitalized waste strip)2 $ millions $518
Capitalized waste stripping $ million $462
Closure costs $ million $83
NPV5% after tax1 $ millions $1,109
IRR after tax1 % 13.5
Payback period1 years 5

1 Costs to complete, NPV5%, IRR and payback period are on a go forward basis and exclude sunk costs up to May 1, 2022.

2 This is a non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” at the end of the news release dated August 3, 2022.

3 Project costs incurred until May 1, 2022 at 1.27 CADUSD and project costs from May 1, 2022 and operating costs at 1.25 CADUSD.

4 The updated metrics are based on what was previously known as the Base Case (203 Mt) plus the Extended Case (30 Mt). The Extended Case mine plan, supported by exploitation of the total Mineral Reserves estimate, includes 233 million tonnes compared to the Base Case of 203 million tonnes over the LOM and adds two additional years to the Base Case mine life without expanding the footprint of the Project. Years 1 to 6 average annual production commence on commercial production. 

 

Reserves and Resources

Category Tonnes Grade Ounces
(100% basis) (Mt) (g/t) (Moz)
Proven & Probable Côté 233 0.96 7.17
M&I* Côté 365.5 0.87 10.2

Gosselin 124.5 0.84 3.35
Total 490 0.86 13.55
Inferred Côté 189.6 0.63 3.82

Gosselin 72.9 0.73 1.71
Total 262.5 0.66 5.53

* Inclusive of Mineral Reserves

History

IAMGOLD acquired Trelawney Mining and Exploration Inc. in 2012. Trelawney had carried out exploration activities at the Project site since 2009 prior to the acquisition.

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.

 

Footnote 1: Côté Gold is owned as a 60/40 JV between IMG and Sumitomo Metal Mining Co. Ltd. and carries a 7.5% NPI royalty. IMG holds the option to return to 70% ownership which it intends to execute before it expires in 2026. Refer to news release on December 19, 2022

VRify Mine Tour

Pictures & Media

Côté Gold April 2023 progress video

Côté Gold Animation

For IAMGOLD, effective stakeholder engagement is the foundation of positive community relations. Our guidance on stakeholder engagement is based on the principles of trust, respect and transparency. Additional information about IAMGOLD’s global approach to community relations can be found here.

Upcoming Engagement Events

IAMGOLD has a number of engagement events planned. We hope to see you at one of our events. Check back for updates on future events.

Past Engagement Events

Côté Gold Project EA Process Overview

Documents

Indigenous and Stakeholder Engagement Documents

Date Download
January 21, 2022 Côté Gold Indigenous Consultation Plan 2.62 MB

Newsletters

Download
March 2024 2.40 MB
December 2023 1.74 MB
September 2023 2.58 MB
June 2023 873 KB
March 2023 1.03 MB
December 2022 2.32 MB
September 2022 2.16 MB
June 2022 2.46 MB
March 2022 1.69 MB
December 2021 3.24 MB
September 2021 2.87 MB
June 2021 2.09 MB
March 2021 1.53 MB
December 2020 2.25 MB
September 2020 1.95 MB
July 2020 3.40 MB
June 2020 3.55 MB
March 2020 3.79 MB
December 2019 2.86 MB
September 2019 2.44 MB
June 2019 1.55 MB
March 2019 2.13 MB
December 2018 560 KB
August 2018 2.49 MB
May 2018 10.78 MB
February 2018 2.96 MB
Summer 2015 1.13 MB
Spring 2015 439 KB
Fall 2014 472 KB
Summer 2014 418 KB
Winter 2014 395 KB
Fall 2013 514 KB
Summer 2013 2.69 MB
Winter 2013 2.43 MB

Permitting Update

Notice to Construct

Canadian Navigable Waters Act

Closure Plan

Download

Class Environmental Assessment Transmission Line

Archived Notices

Download

Should you have any further questions about the Project, we would be happy to discuss them with you.

For all general enquiries, please visit:
www.cotegold.ca

For investor-related inquiries, please visit:
IAMGOLD Corporation - Investors - IR Contacts


Ambient Air Monitoring Summary Reports

Download
Q3 - 2023 10.58 MB
Q2 - 2023 7.22 MB

News Alerts

Email Address *