Iamgold releases updated life-of-mine plan for Westwood, Quebec
Iamgold Corp. [IMG-TSX, IAG-NYSE] has released an updated mine plan and mineral resource estimate for its Westwood mine complex in Quebec.
Iamgold holds a 100% interest in the Westwood Complex. The project consists of two property areas, Doyon-Westwood and Fayolle. The Doyon-Westwood property includes the Westwood underground mine, and Grand Duc open pit, collectively the Westwood Complex. The Westwood mine has been in operation since 2014, when commercial production was declared, and Grand Duc since October, 2019. Open pit operations at the Fayolle deposit commenced in February, 2023 and the deposit was mined out in June, 2024. The Fayolle open pit and associated infrastructure are being reclaimed.
The company said the updated mine life, from 2025 to 2032 is driven by underground mineral reserves at Westwood of 2.6 million tonnes averaging 11.45 g/t gold, containing 955,400 ounces.
Overall life of mine production is now estimated at 925,000 ounces of gold, with average annual production of approximately 146,000 ounces in the first three years (2025 to 2027).
Measured and indicated resources (including those resources converted to mineral reserves) stand at 3.97 million tonnes, grading 12.80 g/t, containing 1.6 million ounces for Westwood, and 3.01 million tonnes of grade 1.25 g/t gold containing 121,000 ounces at Grand Duc.
On top of that is an inferred resource of 4.29 million tonnes of grade 13.03 g/t, containing 1.8 million ounces at Westwood, and 0.08 million tonnes of grade 1.28 g/t, containing 3,300 ounces at Grand Duc.
The Grand Duc mine life is assumed to conclude in 2025 with processing completed in 2027.
“The updated mine plan demonstrates the ability of West\wood to continue to expand underground operating areas, with a mine plan based on reserves of nearly a million ounces and mining assumptions at US$1,500 per ounce reserve gold price,’’ said Iamgold President and CEO Renaud Adams.
“Financially, in the last two quarters, we have seen Westwood begin to generate significant value, reporting total mine-site free cash flow of $42.6 million in this period,’’ Adams said. “As mining continues to upgrade ounces and open up new mining areas through improved ground control methods and seismicity mitigation measures, we see high potential for further mine life extensions and expansion of the current mineralized envelope.’’
Back in August, 2024, Iamgold said commercial production had been achieved at the Cote Gold Mine in northeastern Ontario, which it is operating in a joint venture with Sumitomo Metal Mining.
The new mine is located in the District of Sudbury, approximately 25 kilometres southwest of Gogama, in area that will be a mining hub for decades to come, the company said.
With Cote Gold online, Iamgold now has three operating mines, joining Essakane in Burkina Faso, West Africa and Westwood in Quebec.
On Thursday, Iamgold shares edged up 0.63% or $0.05 to $8.02 and trade in a 52-week range of $8.79 and $2.86.