IAMGOLD (NYSE: IAG) (TSX: IMG) announced on Monday that its Côté Gold mine, located 125 km southwest of Timmins, Ontario, has achieved its nameplate capacity of 36,000 tonnes per day, nearly 15 months after its first gold pour in April 2024. Following this achievement, IAMGOLD’s shares surged as high as 9% to C$10.78, marking the highest level since mid-April and giving the company a market capitalization of C$6.1 billion ($4.4 billion).
The Côté Gold mine is projected to average 365,000 ounces of gold over an 18-year lifespan, with potential output of up to 495,000 ounces during its first six years. IAMGOLD holds a 70% stake in the project, while Sumitomo Metal Mining owns the remaining 30%.
