With Côté Gold start, IAMGOLD jumps 10 places on Top 40 list
This year, IAMGOLD Corp. made a 10-point jump on CMJ’s Top 40 list to #14 from #24. That is a remarkable achievement for any company. To mark the achievement, CMJ interviewed Renaud Adams, the company’s president and chief executive officer.
With over 30 years of global mining experience, Adams has retained his optimism and deep confidence in his employees. He has held executive positions at several gold producers. Among his successes was the Island Gold mine in Ontario where production doubled, reserves tripled, and operating costs dropped to make it one of the lowest cost underground mines in the Americas.
When asked what the largest contributor to IAMGOLD’s rise among the Top 40 Canadian mining companies is, he did not hesitate. “One of the most important parts of the success of this company is experience.” And he pointed to IAMGOLD’s track record at its Essakane mine in West Africa and recent turnaround at its Westwood mine in Quebec.
“Second, is our people,” he added, “they have tremendous focus on what needs to be done.” Their strongest asset is the ability to plan and find potential in any property they are examining. “And we have developed dedicated partnerships with our Indigenous communities.”
The latest feather in his cap is the successful development of the Côté Gold mine, now one of Canada’s largest.
“Côté is a very exciting story,” Adams told CMJ.
Construction began in September 2020, as the Covid 19 pandemic got underway. IAMGOLD eventually spent $3 billion on its development over four years.
“Four years is a long time for development,” he said, “and we might have spent less if we had the normal two-to-three-year development.” But IAMGOLD was ready to move forward at Côté, despite the longer timeline.
But in 2023, when Adams joined the company as president and CEO, he believed the project would reach well beyond its potential. With first gold reported in March 2024, Adams had close watch over the ramp up, and the project reached nameplate mill throughput by the end of June 2025.
Today, IAMGOLD has a stable of three producing gold mines — Côté Gold in Ontario, Westwood in Quebec, and Essakane in Burkina Faso. Guidance for this year is up to 820,000 oz. at an all-in sustaining cost (AISC) of between US$1,625 and US$1,800 per oz.
Add to that the company’s growing confidence in its exploration focus on northern Quebec, and even more success is anticipated.
Côté Gold mine, Ontario
The newest producer in IAMGOLD’s portfolio is the Côté Gold mine 125 km southwest of Timmins. It is also one of Canada’s largest gold mines and a model for modern, sustainable operations. Guidance for 2025 is 360,000 to 400,000 oz. at an AISC of between US$1,350 and US$1,500 per oz. as operations ramp up. The property is currently held 70% by IAMGOLD and 30% by Sumitomo Metal Mining.
IAMGOLD gained control of the property in 2012 with the takeover of Trelawny Mining, and construction began in September 2020. The open-pit mine and mill were commissioned last year after an investment of US$3 billion over four years. The first gold pour occurred in March 2024, and the project output was 199,000 oz. gold last year. Côté reached its full mill capacity of 36,000 t/d in the last week of June.
The Côté project consists of two primary zones: Côté and Gosselin, which are connected as open pits and both of which are open at depth. Let’s examine them on a 100% basis.
The larger Côté zone has proven and probable (P+P) reserves of 229.2 million tonnes grading 1.00 g/t or 7.3 million contained oz. On a resource basis (which includes reserves), the Côté zone has measured and indicted resources (M+I) of 438.5 million tonnes grading 0.84 g/t or 11.8 million contained oz. The inferred resource is 60.4 million tonnes at 0.61 g/t or 1.2 million contained oz.
The Gosselin deposit contains an indicated resource of 161.3 million tonnes grading 0.85 g/t or 4.4 million contained oz. The inferred resource is 123.9 million oz. or 3.0 million contained oz. The Gosselin deposit currently is smaller, as it was discovered later, with an initial resource estimate in the fall of 2021. The company plans diamond drilling at Gosselin this year with the goal of upgrading resources to reserves.
Capital spending this year to operate the mine for IAMGOLD is estimated to be approximately US$110 million, with an additional US$15 million earmarked by the company to install a new cone crusher to further improve the processing circuit and set the stage for the next expansion phase.
IAMGOLD is currently working on releasing an updated technical report next year which will outline the Côté Gold mine as an even larger scale operation, with an increased plant size and targeting the combined resources of Côté and Gosselin. With the scale of Côté, if the processing rate increased to 50,000 t/d it would still have a potential mine life for well beyond 2045.
Westwood complex, Quebec
The wholly owned Westwood gold complex lies 55 km northwest of Val d’Or, at the site of the former Doyon gold mine using the refurbished mill that once treated ore from the Mouska gold mine. The complex began commercial production in 2014 and is expected to operate through 2032, perhaps beyond. Guidance for 2025 is 125,000 to 140,000 oz. at an AISC of below US$1,825. That number is in line with the 134,000 oz. of gold Westwood produced last year.
Mining activities at Westwood involve both underground and open-pit mining, with the underground contributing approximately 1,000 t/d to the plant, supplemented with approximately 2,000 t/d from the Grand Duc open pit. Grand Duc is scheduled to be exhausted by the end of this year, though, at current gold prices, IAMGOLD is examining the potential to extend mining at the pit. The mill treats about one million tonnes of ore annually and boasts a gold recovery rate of 95%.
The company estimates capital expenditures this year at Westwood to be US$70 million, the bulk of which is for underground development, followed by mill and mobile equipment improvements.
The Westwood underground is open at depth, has P+P reserves of 2.6 million tonnes grading 11.44 g/t or 957,000 contained oz. The Grand Duc open pit has P+P reserves of 1.4 million tonnes of ore grading 1.01 g/t or just over one million contained oz. of gold.
The total M+I resources (including reserves) are 6.9 million tonnes averaging 7.98 g/t gold or 1.7 million contained oz. The total inferred resource totals 4.4 million tonnes grading 12.82 g/t or 1.8 million contained oz.
Essakane gold mine, Burkina Faso
The oldest of IAMGOLD’s operations is the open-pit Essakane mine (one of the largest in West Africa) which started in 2010 and has an expected mine life through 2028. It was also the company’s largest producer last year at 409,000 oz. of gold and an AISC of US$1,625 per oz. The mine is owned 90% by IAMGOLD and 10% by the Burkina Faso government.
Guidance for 2025 is 360,000 to 400,000 oz. at an AISC of less than US$1,825 per oz.
It remains to be seen whether Essakane will remain IAMGOLD’s largest producer or whether it will be overtaken by Côté this year. The guidance for both operations is the same.
Mining is expected to continue through 2028 with production averaging approximately 400,000 oz. per year over this period. Ore will be mined from the Essakane Main zone and the Lao and Gourouol satellite pits. With drilling contained within the fence perimeter of the project, IAMGOLD believes the mine life can be extended to 2033 and is likely to update the mine life plans next year.
The probable reserve at Essakane is 44 million tonnes in the pit, and the proven reserve is 18.9 million tonnes in stockpiles. Together on a 100% basis, the P+P reserves are 62.9 million tonnes grading 1.15 g/t or 2.3 million contained oz.
M+I resources (inclusive of reserves) are 99.9 million tonnes grading 1.24 g/t or 4.0 million contained oz. The remainder is an inferred resource of 12.6 million tonnes grading 1.76 g/t or 713,000 contained oz.
The future is hidden in Quebec
IAMGOLD is intensely interested in the Chibougamau-Chapais area of northern Quebec, which it considers a growing mining district. The area has a long history of gold and copper production going back to the mid-Twentieth Century. Infrastructure is established owing to earlier mining efforts, and competition is heating up for properties in the district.
IAMGOLD’s exploration efforts are divided among the Nelligan, Monster Lake, and Anik properties. Nelligan is the primary target and the focus of current exploration efforts. It is located 45 km southwest of Chibougamau. Fifteen kilometres north of Nelligan is the Monster Lake property which offers an important satellite opportunity for high-grade gold resources.
The Nelligan deposit lends itself to open-pit mining, and the Monster Lake deposit is suitable for underground development. Together the two projects are estimated to host over 8 million oz. of gold.
The two deposits have an indicated resource of 102.8 million tonnes grading 0.95 g/t or 3.1 million contained oz. The inferred portion is 166.4 million tonnes grading 0.96 g/t or 5.2 million contained oz.
IAMGOLD has a 13,000-metre drill program to test extensions on strike at Nelligan and Monster Lake, both of which are wholly owned.
IAMGOLD also has an option to earn 80% of the strategically placed Anik property northeast of Nelligan. The property is 100%-owned by Kintavar Exploration. During the first quarter of 2025, IAMGOLD diamond drilled 2,100 metres, but the results were not yet available at press time.
The last word
Adams is confident that IAMGOLD’s exploration programs in Quebec will succeed. “It is growing quite fast,” he said. “I Think the Nelligan-Monster Lake camp has the potential to be the next 15-million-ounce resource. It is open in all directions.”
With Adams’ confidence in his people and Quebec’s resource potential, IAMGOLD will continue to be a company to watch. 
Marilyn Scales is a freelance mining writer.
