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Mining News February 19, 2024 08:30:36 PM

IAMGOLD Corporation to Start Production at Cote Gold

Paul Ploumis
ScrapMonster Author
The cash and cash equivalents stood at $367.1 million as at the end of the previous year, with an overall liquidity of around $754 million.

IAMGOLD Corporation to Start Production at Cote Gold

SEATTLE (Scrap Monster): IAMGOLD Corporation reported fourth quarter and year-end 2023 results. The company also provided updated outlook and operating guidance for the current year.

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The company noted that it has made substantial progress in its Cote Gold project. According to news release, 98% construction works on the project have been completed and production is expected to commence soon. The mine will be fully handed over to the ownership team during the current quarter. The company intends to ramp up gold production in order to reach commercial production by Q3 2024.

The company’s gold production from continuing operations totalled 465,000 ounces during the previous year, hitting the upper end of the guidance. It reported revenues of $297.6 million in 2023. The cash and cash equivalents stood at $367.1 million as at the end of the previous year, with an overall liquidity of around $754 million.

The annual production by the Essakane and Westwood mines totalled 372,000 ounces and 93,000 ounces respectively.

In its outlook, IAMGOLD projected the production from Cote Gold to range between 220,000and 290,000 ounces in 2024. The capital expenditures for the year are expected to be around $185 million.

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