Reports 2020 Attributable P&P Reserves Of 13.9 Million Ounces
IAMGOLD Corporation (TSX: IMG) has announced its 2020 year-end Mineral Reserve and Resource statement and unveiled its 2021 development options in America and West Africa.
“We have maintained a robust global reserve and resource profile in 2020, noting that our numbers did decline year-over-year, reflecting both industry trends and the reality that we mine a depleting resource, combined with the sale of the Sadiola and Eastern Borosi properties,” IAMGOLD’s President and CEO, Gordon Stothart, said.
“Looking to 2021, we continue to focus on our core assets and district strategy in our exploration programme, with the goal of developing an initial resource at the Gosselin Deposit near our Côté Gold Project and delineating further resources at the Nelligan district, at Grand Duc and Rouyn on the Westwood hub, and at Karita in the Bambouk district. We look forward to updating you on our progress over the course of the year.”
MINERAL RESERVES – HIGHLIGHTS
- Total attributable Proven and Probable gold Reserves decreased by 2.8 million ounces or 17% in 2020 to 13.9 million ounces from the prior year;
- The decrease was primarily due to the sale of Sadiola, mine depletion at all operations reflecting the company’s attributable gold production of 653,000 ounces in 2020, and the reclassification of a portion of reserves at Westwood.
- Excluding the sale of Sadiola, a discontinued operation, total attributable Proven and Probable Reserves decreased by 1.2 million ounces or 7%;
- The decrease in the overall Reserve grade at Westwood is primarily attributable to the addition of lower grade Grand Duc open pit ore, with underground Reserves adjusted for mine depletion only;
- There was no change in the US$1,200 per ounce gold price assumption for estimating Mineral Reserves at the company’s owned and operated mines and development projects, except at the Grand Duc satellite pit at Westwood, which used a US$1,350 per ounce gold price assumption.
