IAMGOLD defers Côté Gold Project
Company sites market conditions as reason
A company that was set to open a gold mine near Gogama says the project has been halted.
IAMGOLD says it has decided not to proceed with the construction of its Côté Gold Project.
"We have substantially de-risked the Côté Gold Project, both from a technical and financial perspective," Steve Letwin, president and CEO of the company said.
"We have decided to wait for improved and sustainable market conditions in order to proceed with construction."
The company says it will continue to advance engineering and permitting work at the site to add value.
This isn't the first time the company has had problems moving the project forward. Last year, it received an award at the Prospectors and Developers Conference for finding financing for it after it was put on hold. The company had reached an agreement with Sumitomo Metal out of Japan.
IAMGOLD had planned to build an open pit, an ore processing plant, a warehouse, a tailings management facility as well as access roads.
The company previously stated it hoped to open the mine by 2012 and create more than 1,000 construction jobs during development and about 300 to 400 full time jobs during operation.