The Côté Gold Project ("Côté") is a tier one generational asset located within the District of Sudbury, in northeastern Ontario, Canada. Côté is being developed by a joint venture between IAMGOLD Corp. ("IAMGOLD"), as the operator, and Sumitomo Metal Mining Co. Ltd. ("SMM") with IAMGOLD effectively owning a 64.75% interest in the associated land package.
The current technical report mine plan outlines a 37,200 tpd open pit operation with estimated average annual production of 495,000 oz Au over the first 6 years of operation, and average annual production of 365,000 oz Au over the 18-year mine life to become one of Canada's largest gold mines. In late 2022, IAMGOLD announced the sale of Rosebel to Zijin Mining for $360 million, the sale of the Boto Gold Project and surrounding exploration assets to Managem Group for $282 million, and a transaction with SMM to provide up to $340 million in construction funding throughout 2023 to meet the remaining financing requirements for the completion of construction. As of December 31, 2022, the Côté Gold project was estimated to be approximately 73% complete and is expected to commence production in early 2024.