GOLD: IamGold adding solar power project for Rosebel mine

SURINAM – IamGold Corporation is making plans to build a solar power project to supply its Rosebel gold mine in the Brokopondo district in the northeast part of the country. The project fulfills a commitment to the Surinam government after electric power costs were reduced for the early part of the mine life. The project went into commercial production in 2004.

IamGold estimates the cost to build the 5 MW solar project to be $12 million to $14 million, including site access and preparation. Start-up is planned for Q3 2014, and the equipment will be connected to the local power grid. The project will be managed and operated by IamGold subsidiary Rosebel Gold Mines NV.

IamGold president and CEO Steven Letwin said in a release, "As Rosebel transitions from mining soft rock to harder rock deposits we need an increased amount of power to crush and grind the ore to facilitate the gold extraction.  We have successfully negotiated reductions in the cost of power at Rosebel, and this solar project further improves the cost and supply of power to meet our needs.  Adapting such technologies to our business is exactly the type of innovation this industry requires to succeed in the future."

Visit IamGold.com for details of the Rosebel gold mine.