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IAMGOLD, Sumitomo to be recognized by PDAC

Companies have joint venture in Côté Gold mine in Gogama near Timmins.
The Côté Gold mine is located in Gogama just south of Timmins.

IAMGOLD and Sumitomo Metal Mining Co. will receive the 2018 Viola R. MacMillan Award from Prospectors and Developers Association Canada (PDAC) at the association’s gala in March.

The award, named for PDAC’s longest serving president, “is given to an individual or organization demonstrating leadership in management and financing for the exploration and development of mineral resources.”

IAMGOLD and Sumitomo will be recognized for “demonstrating leadership in the financing and management of one of Canada’s largest undeveloped gold projects.”

The two companies have a 70-30 joint venture interest in the Côté Gold project in Gogama, near Timmins.

PDAC noted that Sumitomo’s purchase of a 30 per cent interest in the project in June paved the way for a breakthrough in the project, allowing IAMGOLD to proceed with its development. The Côté Gold mine is expected to produce an average of 320,000 ounces of gold per year over a 17-year life span when it enters production in 2021.

“The joint venture is a success story because it mitigates the risk of the Côté Gold project by giving IAMGOLD access to Sumitomo’s considerable financial resources and mine building and operating expertise,” noted PDAC.

“Together, the two companies are confident they can begin construction as early as 2019 and achieve commercial production by 2021 while ensuring a net positive impact on local and regional communities.”

Other awards and their winners include:

  • Bill Dennis Award: NexGen Energy Ltd.
  • Distinguished Service Award: Ted Reeve
  • Environmental & Social Responsibility Award: Golden Star Resources
  • Skookum Jim Award: Lana Eagle
  • Special Achievement Award: Jean Descarreaux
  • Thayer Lindsley Award: Arizona Mining

The PDAC gala will be held on March 6, 2018 during the annual PDAC convention in Toronto.