Iamgold starts commercial production at its only mine in Ontario

Iamgold (TSX: IMG; NYSE: IAG) has declared commercial production at its 60%-owned Côté mine in northern Ontario, the company’s third producing gold mine and second in Canada.

The mine is forecast to produce 365,000 oz. gold over 18 years and cost $1.9 billion to build.   

In a release, Iamgold president and CEO Renaud Adams said rampup at the company’s newest mine was going well.

"Since achieving the first pour of gold on March 31, 2024, our teams have spent the last four months methodically and iteratively testing and ramping up all facets of the mine,” Adams said. “This process has required remarkable commitment, ingenuity and teamwork to bring all the systems online together to achieve this milestone."

Commercial production means the mine has reached at least 30 consecutive days of operations at about 60% of its 36,000-tonne--per-day capacity, Iamgold said.