IAG Boosts Westwood Mine Life & Cote Gold Stake: Is the Stock a Buy? [Yahoo! Finance]
SUMITOMO MTL MNG UNSP/ADR (SMMYY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
The life of the mine has been updated from 2025 to 2032. On Monday, IAMGOLD announced that it has exercised the right to repurchase the 9.7% interest of the Côté Gold Mine from Sumitomo Metal Mining Co., Ltd. This takes IAG's interest in the promising Côté Gold mine to 70%. Let's dig deeper to analyze the significance and impact of these current developments on IAMGOLD's prospects. The Westwood Project consists of two property areas, Doyon-Westwood and Fayolle. Doyon-Westwood includes the Westwood underground mine, and Grand Duc open pit. The Westwood mine has been operating since 2014, 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. Grand Duc mine life is expected to conclude in 2025. IAMGOLD has updated the life of the mine from 2025 to 2032, projecting overall average gold production at 925,000 ounces over the life of the mine, which came in lower than market expectations. Ho
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