Iamgold

Iamgold Corporation
Formerly
 International African Mining Gold Corporation
Public
Traded as TSX: IMG
NYSE: IAG
Industry Gold mining
Founded 27 March 1990 (1990-03-27) in Canada
Founders
  • Mark Nathanson
  • William Pugliese
Headquarters Toronto, Ontario, Canada
Number of locations
  • 5 mines
  • 1 development project
  • 3 explorations
  • 2 joint ventures
Areas served
  • North America
  • South America
  • West Africa
Key people
Products Gold
Production output
 Increase 882,000 oz[1] (2017)
Revenue IncreaseUS$1,094.9 million[1] (2017)
IncreaseUS$580.0 million[1] (2017)
IncreaseUS$510.5 million[1] (2017)
Total assets IncreaseUS$3,966.9 million[1] (2017)
Total equity IncreaseUS$2,846.8 million[1] (2017)
Number of employees
 Increase4,458[2] (2016)
Website iamgold.com

Iamgold Corporation is a Canadian gold producer headquartered in Toronto, Ontario, Canada. Incorporated in 1990 by Mark Nathanson and William Pugliese, the company is listed as IMG on the Toronto Stock Exchange since 1996 and as IAG on the New York Stock Exchange since 2005.[3] The company is engaged in the exploration, development, and production of mineral resource properties throughout the world. The company's former, longer name was International African Mining Gold Corporation.

Operations

IAMGold produces between 845,000 and 885,000 ounces of gold annually from operations in Canada, Suriname, Burkina Faso and Mali.

In Q1 2018 IAMGold reported attributable gold production of 229,000 ounces at all-in sustaining costs of $953 per ounce sold. For the quarter the company posted a net earnings of $42.3 million.[4]

Mines

The following mines provide attributable gold production to the company:

  • The Essakane gold mine, acquired by IAMGold from Orezone Resources in 2009, located in Burkina Faso. IAMGold holds a 90% interest, the remainder belonging to the government of Burkina Faso.[5]
  • The Rosebel gold mine, acquired by IAMGold through its merger with Cambior in 2006, located in Suriname. IAMGold holds a 70% interest, the remainder belonging to the government of Suriname.
  • The Westwood gold mine in Abitibi, Quebec, located in the Canadian province of Quebec. IAMGold holds a 100% interest through its Doyon Division subsidiary.
  • The Sadiola gold mine in Mali, operated by joint-venture partner AngloGold Ashanti. IAMGold holds a 41% working interest.
  • The Yatela Mine gold mine in western Mali, about 25 kilometres north of the Sadiola Mine on an adjoining mining permit and now being put into closure. IAMGold holds a 41% interest.

2016 exploration and development projects

The Company is exploring and progressing feasibility studies on a number of options. Projects of note include, but are not limited to:

  • The Boto Gold project in Senegal
  • The Côté Gold project in Northeastern Ontario
  • The Pitangui project in Minas Gerais, Brazil
  • The Diakha project in Mali. The project is a joint venture with Merrex Gold.
  • The Eastern Borosi project in Nicaragua. The project is a joint venture with Calibre Mining.
  • The Monster Lake project in Quebec. The project is a joint venture with TomaGold.
  • The Camp Caiman project in French Guiana, currently on hold.

At the end of 2014, IAMGold held an 86% interest in Euro Ressources, a French corporation, which in turn held a royalty on IAMGold Rosebel mine, and 14% of Colombus Gold's outstanding shares. Colombus Gold is focused on the development of the Montagne d'Or Gold Deposit, located on the Paul Isnard concession in French Guiana, which hosts an NI43-101 in-pit gold resource of 3.9 million ounces at approximately 1.5 g/t.

In January 2017, IAMGold released a positive preliminary economic assessment for the Côté Gold project that outlined a 21-year mine life producing an average of 302,000 ounces of gold annually at average total cash costs of $564/oz and all-in sustaining costs of $686/oz.[6]

In June 2017, IAMGold released a positive pre-feasibility study for its Côté Gold Project in Northern Ontario that outlined proven and probable gold reserves of 5.9 million ounces. The study estimated a 17-year mine life producing an average of 320,000 ounces of gold annually.[7]

Past mines (divested and closed)

IAMGold and its predecessor companies have existed since 1986. Notable divested and closed mines from IAMGold and its predecessor companies include:

  • The Niobec underground mine near Chicoutimi in the Canadian province of Quebec. This mine is North America's only source of pyrochlore, the primary niobium ore, and one of only three major producers of niobium. Sold to Magris Resources on Jan 22nd 2015.
  • The Mouska gold mine in Abitibi, Quebec, closed in 2014.
  • The Doyon gold mine, an open-pit and underground operation in Abitibi, Quebec, closed in 2008. The mill has since been refurbished and upgraded to handle the Westwood mine's ore, while treated material is disposed of in the old Doyon open pit.
  • Stakes in the Tarkwa Mine and Damang Mine in Ghana (divested in 2011).
  • The Omai Mine in Guyana, which produced gold from 1994-2005. Upon closure, milling facilities and part of staff were moved to IAMGold's Rosebel operation. Cambior also sold Omai Bauxite in 2006.
  • The Quimsacocha project in Ecuador, now known as Loma Larga. Divested in 2012 to INV Metals, of which IAMGold still holds shares.
  • The Mupane gold mine in Botswana (divested in 2011 to Galane Gold), of which IAMGold sold its position in March 2016.
  • The Langlois gold mine in Quebec, now operated by Nyrstar NV.
  • The Sleeping Giant gold mine (known in French as Mine Géant Dormant) in Quebec.
  • The Carlota copper project in Arizona.
  • La Arena, a Peruvian development copper / gold project, to Rio Alto Mining Limited in 2008 (Rio Alto).[8]

Recent history

Stephen Letwin was appointed President and Chief Executive Officer of IAMGold on November 1, 2010. Letwin held executive positions at Enbridge Inc., TransCanada Energy and TransCanada Pipelines prior to joining IAMGold. He is a certified general accountant and a member of the Certified General Accountants of Ontario. He holds an MBA from the University of Windsor and is a graduate of the Harvard Advanced Management Program.[9]

The company announced on January 23, 2013, that it is reducing exploration activity in Mali as a result of events in this country. This is not expected to impact production at the two mines in Mali where the company holds an operating interest.[10]

In December 2016 IAMGold announced it would acquire junior mining company Merrex Gold.[11] Merrex's primary assets were gold properties in West Mali, Guinea and Nova Scotia.

In June 2017 IAMGold closed a transaction with Sumitomo Metal Mining Co., a Japanese-based mining company, to develop the Côté Gold Project in Ontario. Sumitomo purchased a 30% stake in Côté in exchange for a $195 million investment. [12]

References

  1. 1 2 3 4 5 6 "IAMGOLD Annual Report 2017" (PDF). 21 February 2018.
  2. ↑ "Health, Safety and Sustainability Report". IAMGOLD Zero Harm. 2016. Retrieved 13 June 2018.
  3. ↑ "Company FAQ". iamgold.com. Retrieved 14 June 2018.
  4. ↑ "IAMGOLD 2018 Q1 Report Ended March 31, 2018" (PDF). 7 May 2018.
  5. ↑ http://www.iamgold.com/English/operations/operating-mines/essakane-gold-mine-burkina-faso/default.aspx
  6. ↑ "IAMGOLD Announces Positive PEA for Côté Gold Project". juniorminingnetwork.com. Retrieved 2017-01-26.
  7. ↑ "IAMGOLD Releases Positive Pre-Feasibility Study for Côté Gold Project; Demonstrates Low Operating Costs and Attractive Returns". juniorminingnetwork.com. Retrieved 2017-06-06.
  8. ↑ "IAMGOLD to Receive in Excess of $48 Million From Sale of La Arena". May 8, 2008.
  9. ↑ "Iamgold Appoints New CEO". Retrieved 2011-01-27.
  10. ↑
  11. ↑ "IAMGOLD to Acquire Merrex Gold". Retrieved 2016-12-22.
  12. ↑ "IAMGOLD Closes Transaction with Sumitomo Metal Mining Co. to Develop Côté Gold Project in Ontario". www.juniorminingnetwork.com. Retrieved 2017-06-20.
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