IAMGOLD (NYSE: IAG; TSX: IMG) shares rose on Tuesday after reporting preliminary full-year and fourth-quarter 2023 production results and an update on progress at the Côté gold project in Ontario, Canada.
The miner reported 2023 attributable gold production of 465,000 ounces, at the high end of its annual production forecast of 410,000 to 470,000 ounces.
Equity production at Essakane, located in northeastern Burkina Faso, reached 108,000 ounces in the fourth quarter, taking full-year production to 372,000 ounces, near the upper end of full-year guidance of 380,000 ounces.
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Production from the Westwood project in Quebec reached 28,000 ounces in the fourth quarter and 93,000 ounces for the full year, exceeding full-year guidance of 70,000 to 90,000 ounces.
IAMGOLD also reports that commissioning activities at the Côté Gold project are progressing well, with commissioning of the primary crushing circuit underway. Initial production remains on track for March 2024.
The Côté project is being constructed in partnership with Sumitomo Metal Mining Corporation. When completed, it will be Canada’s third largest gold mine.
Construction on Côté began in 2020 and is expected to take three years.
The mine life is set at 16 to 18 years, with production reaching 495,000 ounces per year in the first six years. Average annual mine life production is estimated at 365,000 ounces.
IAMGOLD shares were up 12.5% as of 12:10 p.m. summer. The miner has a market capitalization of $1.11 billion.
