IAMGOLD's Côté Gold Mine Set to Become Third-Largest in Canada.

IAMGOLD's Côté Gold mine in Ontario, Canada is set to become the third-largest gold mine in the country. The mine is a 70% interest in the open-pit mine and is expected to produce significant amounts of gold. IAMGOLD's flagship asset, the Côté Gold mine is expected to have a major impact on the gold market.

IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) announced on Monday that its Côté Gold mine in Ontario, Canada, has officially reached its nameplate capacity of 36,000 tonnes per day. This milestone, achieved nearly 15 months after the mine's first gold pour, marks a significant step forward for the company and the Canadian gold mining sector [1].

The Côté Gold mine, located 125 km southwest of Timmins, Ontario, poured its first gold in April 2024 and began commercial production in August. The mine's processing plant has now been operating at its nameplate capacity for 30 consecutive days. CEO Renaud Adams attributed this achievement to the company's commitment to excellence and accountability [1].

Shares of IAMGOLD surged to a near two-month high in Toronto, reaching C$10.78 apiece, before pulling back to around C$10.58 by midday. The company's market capitalization stood at C$6.1 billion ($4.4 billion) as of Monday's close [1].

At full capacity, the Côté Gold mine is expected to become one of Canada's largest gold producers, averaging 365,000 ounces over an 18-year mine life. During its first six years of operation, gold output could reach as high as 495,000 ounces [1].

IAMGOLD currently holds a majority 70% interest in the Côté Gold mine, with Sumitomo Metal Mining owning the remaining 30% [1].

References:
[1] https://www.mining.com/iamgold-shares-rise-as-cote-gold-mine-achieves-nameplate/