Iamgold turns around Rosebel in Suriname

PARAMARIBO, SURINAME — Only a few years ago during the depths of the mining industry downturn, Iamgold (TSX: IMG; NYSE: IAG) had on its hands with its Rosebel open-pit gold mine in Suriname an aging, high-cost operation that faced closure in 2018, as costs were projected to rise well above the prevailing gold price. But the intermediate gold producer didn’t give up on the ailing asset and instead embarked on a major operational turnaround that squeezed efficiencies out of virtually every aspect of the business. This resulted in improved productivity per worker and it dropped all-in sustaining costs (AISCs) at Rosebel from break-even levels or worse to well below spot prices. It also brought millions of gold ounces into reserves and resources. The Rosebel mine has been transformed into a profitable, cornerstone asset for Iamgold, which also has operating gold mines and major development assets in Burkina Faso, Mali, Quebec and Ontario Continue reading at The Northern Miner.