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Iamgold Corporation
Traded as TSXIMG
Industry Gold Mines
Founded 1991 as International African Mining Gold Corporation
Founder Mark Nathanson and William Pugliese
Headquarters Toronto, Ontario, Canada
Key people
Donald K. Charter Chairman and Director
Stephen Letwin, President and CEO
Gordon Stothart, Executive Vice President and COO
Carol Banducci, Executive Vice President and CFO
Number of employees
5,600 (2008)[1]
Website www.iamgold.com

Iamgold Corporation is a Toronto-based international gold producer. The company is engaged in the exploration, development, and production of mineral resource properties throughout the world.


IAMGOLD has an annual production of approximately 800,000 ounces of gold from operations in North America, South America, and West Africa.

In Q1 2017 IAMGOLD reported attributable gold production of 214,000 ounces at all-in sustaining costs of $992 per ounce sold. For the quarter the Company posted a net loss of $18 million. [2]


The following mines provide attributable gold production to the company:

  • The Essakane gold mine, acquired by IAMGOLD from Orezone Resources in 2009, located in Burkina Faso. IAMGOLD holds a 90% interest, the remainder belonging to the government of Burkina Faso.[3]
  • The Rosebel gold mine, acquired by IAMGOLD through its merger with Cambior in 2006, located in Suriname. IAMGOLD holds a 70% interest, the remainder belonging to the government of Suriname.
  • The Westwood gold mine in Abitibi, Quebec, located in the Canadian province of Quebec. IAMGOLD holds a 100% interest through its Doyon Division subsidiary.
  • The Sadiola gold mine in Mali, operated by joint-venture partner AngloGold Ashanti. IAMGOLD holds a 41% working interest.
  • The Yatela Mine gold mine in western Mali, about 25 kilometres north of the Sadiola Mine on an adjoining mining permit and now being put into closure. IAMGOLD holds a 41% interest.

2016 Exploration and Development Projects[edit]

The Company is exploring and progressing feasibility studies on a number of options. Projects of note include, but are not limited to:

At the end of 2014, IAMGOLD held an 86% interest in Euro Ressources, a French corporation, which in turn held a royalty on IAMGOLD's Rosebel mine, and 14% of Colombus Gold's outstanding shares. Colombus Gold is focused on the development of the Montagne d'Or Gold Deposit, located on the Paul Isnard concession in French Guiana, which hosts an NI43-101 in-pit gold resource of 3.9 million ounces at approximately 1.5 g/t.

In January 2017 IAMGOLD released a positive preliminary economic assessment for the Côté Gold project that outlined a 21-year mine life producing an average of 302,000 ounces of gold annually at average total cash costs of $564/oz and all-in sustaining costs of $686/oz.[4]

In June 2017 IAMGOLD released a positive Pre-Feasibility Study for its Côté Gold Project in Northern Ontario that outlined proven and probable gold reserves of 5.9 million ounces. The study estimated a 17-year mine life producing an average of 320,000 ounces of gold annually.[5]

Past Mines (Divested and Closed)[edit]

IAMGOLD and its predecessor companies have existed since 1986. Notable divested and closed mines from IAMGOLD and its predecessor companies include:

  • The Niobec underground mine near Chicoutimi in the Canadian province of Quebec. This mine is North America's only source of pyrochlore, the primary niobium ore, and one of only three major producers of niobium. Sold to Magris Resources on Jan 22nd 2015.
  • The Mouska gold mine in Abitibi, Quebec, closed in 2014.
  • The Doyon gold mine, an open-pit and underground operation in Abitibi, Quebec, closed in 2008. The mill has since been refurbished and upgraded to handle the Westwood mine's ore, while treated material is disposed of in the old Doyon open pit.
  • Stakes in the Tarkwa Mine and Damang Mine in Ghana (divested in 2011).
  • The Omai Mine in Guyana, which produced gold from 1994-2005. Upon closure, milling facilities and part of staff were moved to IAMGOLD's Rosebel operation. Cambior also sold Omai Bauxite in 2006.
  • The Quimsacocha project in Ecuador, now known as Loma Larga. Divested in 2012 to INV Metals, of which IAMGOLD still holds shares.
  • The Mupane gold mine in Botswana (divested in 2011 to Galane Gold), of which IAMGOLD sold its position in March 2016.
  • The Langlois gold mine in Quebec, now operated by Nyrstar NV.
  • The Sleeping Giant gold mine (known in French as Mine Géant Dormant) in Quebec.
  • The Carlota copper project in Arizona.
  • La Arena, a Peruvian development copper / gold project, to Rio Alto Mining Limited in 2008 (Rio Alto).[6]

Recent history[edit]

Stephen Letwin was appointed President and Chief Executive Officer of Iamgold on November 1, 2010. Letwin held executive positions at Enbridge Inc., TransCanada Energy and TransCanada Pipelines prior to joining Iamgold. He is a certified general accountant and a member of the Certified General Accountants of Ontario. He holds an MBA from the University of Windsor and is a graduate of the Harvard Advanced Management Program.[7]

The company announced on January 23, 2013, that it is reducing exploration activity in Mali as a result of events in this country. This is not expected to impact production at the two mines in Mali where the company holds an operating interest.[8]

In December 2016 IAMGOLD announced it would acquire junior mining company Merrex Gold.[9] Merrex's primary assets were gold properties in West Mali, Guinea and Nova Scotia.

In June 2017 IAMGOLD closed a transaction with Sumitomo Metal Mining Co., a Japanese based mining company, to develop the Côté Gold Project in Ontario. Sumitomo purchased a 30% stake in Côté in exchange for a $195 million investment. [10]


External links[edit]