Suriname approved expansion of Iamgold’s Rosebel mine

Canadian gold miner Iamgold Corp said the Suriname parliament on Saturday approved the agreement that the company signed last November with the South American country’s government to expand its Rosebel mine.

Imagold has been in talks with the Suriname government for more than a year and half.
“Access to new concessions creates ample opportunity to add to the life of the Rosebel Gold Mine and to find softer ore which can be processed at lower cost,” Iamgold CEO Steve Letwin said.
The agreement is for an expansion of the operation and anything in the new area qualifies for a lower power rate, Bob Tait, Iamgold’s vice-president for investor relations told Reuters.
Electricity costs in Suriname, where Iamgold Rosebel mine is the biggest single power consumer, have doubled over the past four years, while the company has faced harder rock.
Lower power costs are crucial as miners need more electricity for drilling and processing ore when the rock is harder and there is less gold per tonne of rock.
The mine is one of Iamgold’s biggest, producing 385,000 ounces of gold in 2011.
(Thomson Reuters)
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