Toronto mining company weighs financing options while aiming for early 2024 production start
IAMGOLD is scrounging for funds in order to push its Côté open-pit mine project across the construction finish line.
The company is aiming for a first gold pour and the start of mining at Côté early in 2024. So far, everything is on schedule. IAMGOLD’s reports its remaining share of project spending to bring Côté into production is between US$1 billion and 1.1 billion. They’ve conducted a cash call with their joint venture partners is requiring them to advance two months of future spending.
She praised the project team for the significant progress being made on the ground, itching forward at three to four per cent each month. But the company cautions if funding issues become critical over the next couple of months, it could curtail capital spending which may extend Côté construction timelines and increase the project costs.
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