Iamgold (TSX: IAG ; NYSE: IAG) on Wednesday announced another increased estimate of capital expenditures for its 70%-owned Côté gold joint venture in northern Ontario that it holds with Sumitomo Metal Mining (30%).
The Toronto-based miner said in a news release that the remaining costs to complete construction and bring Côté into production would come to more than US$1.3 billion as of the third quarter of 2022, up from US$1.2-$1.3 billion in its previous update in May.
Total costs to complete construction (on a go forward basis and excluding sunk costs up to May 1, 2022) are estimated at US$1.9 billion.
Estimated operating costs also went up to $854 per oz. of gold sold, from $802 per oz. in its 2021 technical report.
In 2020, before construction began, Iamgold pegged its 70% of costs at US$875-$925 million (which would put total costs at around US$1.3 billion).