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IAMGOLD: Côté PEA puts posttax NPV at US$543M, IRR at 12.9%

A preliminary economic assessment at IAMGOLD Corp.'s Côté gold project in northern Ontario pegged a posttax net present value, discounted at 6%, of US$543 million and a 12.9% posttax internal rate of return, the company said Jan. 26.

The project will require initial capital of US$1.03 billion with payback in 5.2 years.

The study envisions a conventional truck and shovel open-pit mining operation that runs at 60 million tonnes per annum with stocking capacity of 30 million tonnes. Processing rate for the project is pegged at 10.6 Mtpa.

Côté will have a 21-year mine life, producing an average of 302,000 ounces of gold per annum at an average life-of-mine all-in sustaining cost of US$686 per ounce.

The study assumes a gold price of US$1,200 per ounce and considered an indicated mineral resource of 289.2 million tonnes at 0.90 g/t of gold for 8.4 million contained gold ounces, as well as 66.9 million tonnes of inferred resource at 0.55 g/t of gold for 1.2 million ounces of contained gold, at a 0.30 g/t of gold cutoff.

The PEA recommended the completion of a pre-feasibility study to validate the development concept set out in the PEA by including additional drilling, engineering studies and environmental studies. The recommended pre-feasibility study is expected to be completed by the end of the second quarter.

Meanwhile, the company will continue exploration activities within the over 500-square-kilometer property surrounding the Côté gold deposit, with an aim to develop and assess targets to help make future development decisions.