IAMGOLD, the largest significant Canadian gold mining operation, north of Sudbury, has reached a significant milestone as a gold producer.
The company announced this week that the Côté Gold Mine, located outside Gogama, has reached nameplate status — meaning the ore processing plant has reached its capacity processing level of 36,000 tonnes per day over a 30-day period.
IAMGOLD confirmed June 23 that the processing plant has been operating at its nameplate capacity of 36,000 tonnes per day (TPD) on average over 30 consecutive days.
A company news release said seeing that the milestone was reached in a relatively quick period of 15 months was an excellent indicator of the value of the operation.
IAMGOLD previously reported that the mine poured its first gold bar in April of 2024 and went into full production last August.
Northern Miner reported June 23 that IAMGOLD shares surged as high as 9 per cent to C$10.78 apiece in Toronto, the highest since mid-April. By midday, it had pulled back to around C$10.58.
Renaud Adams, president and CEO, complimented the workforce at the mine.
"I would like to congratulate our Côté Gold teams, who demonstrated remarkable determination and commitment to bring Côté Gold online and advance it to nameplate throughput rate within 15 months," said Adams in the news release.
"To bring a gold project from first gold to the design nameplate rate within this timeframe, while ensuring a safe workplace for all, exemplifies the commitment to excellence and accountability that is at the core of IAMGOLD today," he added.
The company said Côté Gold was moving in a strong direction earlier this year when the processing plant reached an average monthly rate of 90 per cent throughput, followed by a 96 per cent rate in April.
Adams said he expects the tonnage rate will continue for the rest of the year.
"The achievement confirms our confidence in the Côté Gold production guidance of 360,000 to 400,000 ounces on a 100 per cent basis, with costs expected to decline through the year. Further, we are excited at the opportunities the installation of the second cone crusher will bring, including improving plant availability and maintenance cycles, while providing potential for further throughput increases."
