TORONTO - IAMGOLD (NYSE:IAG) Corporation (TSX: IMG) (NYSE: IAG) has provided an operational update for the Côté Gold Mine, including third-quarter production figures and advancements in the Gosselin zone drilling program. In the third quarter of 2024, the Côté Gold Mine produced 68,000 ounces of gold on a 100% basis, with 41,000 ounces attributable to IAMGOLD's 60.3% interest. This marks a significant increase in production over the previous quarter.
The processing plant is advancing towards its year-end goal, operating at 90% of its 36,000 tonnes per day design throughput rate. The plant reached a daily throughput high of 40,900 tonnes, surpassing the design capacity by 14%. Post third quarter, the plant continued to perform well, averaging 30,000 tonnes per day, or 83% of the design rate. An additional secondary crusher is planned for the second half of next year to increase capacity and redundancy, with an estimated cost of $20 million.
Exploration at the Gosselin zone, adjacent to the primary Côté zone, has yielded promising assay results, suggesting the potential for the two zones to connect. Notable intersections include 368.8 meters at 0.96 grams per tonne gold and 235.0 meters at 2.70 grams per tonne gold. These findings indicate that the overall size and scope of the zones are yet to be defined, as they remain open at depth in all directions.
Renaud Adams, President and CEO of IAMGOLD, expressed pride in the third-quarter progress and the potential for Côté to become one of Canada's largest gold mines. The company maintains its production guidance at the lower end of the 220,000 to 290,000 ounces range for Côté Gold, with a focus on achieving 90% throughput by year-end.
The information in this article is based on a press release statement from IAMGOLD Corporation.
In other recent news, IAMGOLD Corporation has been making significant strides in its operations. The company's second quarter 2024 results showed a successful ramp-up of its Cote Gold mine and improved production and cash flow at its Essakane and Westwood mines. IAMGOLD produced a total of 166,000 ounces of gold in Q2, and the production guidance for Essakane and Westwood mines has been increased. Despite the company's anticipation of higher costs for waste stripping and operating costs, IAMGOLD remains optimistic about its operations.
National Bank Financial recently upgraded IAMGOLD's stock, following a reassessment of metal prices and progress made in de-risking the Côté mine located in northern Ontario. The upgrade comes after the successful completion of a multi-day shutdown aimed at improving the long-term availability of the plant at the Côté mine. Another shutdown is planned to address remaining issues, positioning the mine for full production capacity in the near future.
These are recent developments that have the potential to influence IAMGOLD's future performance. The company's management is expected to provide further insights into the mine's operational status during an upcoming site tour. The Cote Gold mine is on track to ramp up to 90% of nameplate capacity by the end of the year, which is a promising sign for IAMGOLD's future operations.
InvestingPro Insights
IAMGOLD Corporation's (NYSE: IAG) recent operational update aligns with several positive trends identified by InvestingPro. The company's strong production figures at the Côté Gold Mine and promising exploration results are reflected in its financial performance.
According to InvestingPro data, IAMGOLD has shown impressive revenue growth, with a 34.49% increase over the last twelve months as of Q2 2024. This growth is even more pronounced in the quarterly figures, with a 61.35% revenue increase in Q2 2024. These metrics support the company's positive outlook and the potential impact of the Côté Gold Mine on its overall performance.
InvestingPro Tips highlight that analysts expect IAMGOLD to be profitable this year, which aligns with the company's increased production and operational improvements. Additionally, the tip indicating that net income is expected to grow this year further reinforces the positive trajectory suggested by the Côté Gold Mine's performance.
The company's market performance has been notably strong, with InvestingPro data showing a 106.49% price total return over the past year. This significant increase in share value likely reflects investor confidence in IAMGOLD's growth prospects, particularly with the advancement of the Côté Gold project.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for IAMGOLD, providing a deeper understanding of the company's financial health and market position.
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