Profile: IAMGOLD Corp (IAG.N)
18 Dec 2013
IAMGOLD Corporation (IAMGOLD) is a mining company. IAMGOLD‘s interests include five operating gold mines, a niobium mine, a diamond royalty, and exploration and development projects located in Africa and the Americas. IAMGOLD is focused in West Africa, select countries in South America and in the Canadian province of Quebec. The Company's operating mines include Rosebel Gold Mine, Essakane Gold Mine, Doyon Division Gold Mines and Niobec Niobium Mine. The Company’s development projects include Westwood Project, Quimsacocha Project and Camp Caiman Project. In November 2012, the Company sold IAMGOLD Ecuador S.A., which includes the Quimsacocha project in Ecuador. In April 2013, IAMGOLD, through an undisclosed subsidiary, raised its stake to 18.373% from 7.778% by acquiring a further 10.595% in GoldON Resources Ltd.
On June 22, 2011, IAMGOLD sold its 18.9% interests in the Tarkwa and Damang gold mines in Ghana, West Africa to Gold Fields Limited. On August 31, 2011, the Company completed the disposition of its Mupane gold mine. In December 2011, the Company disposed of its investment in two royalties, including the Magistral gold royalty on properties in Mexico. In February 2011, the Company disposed of the La Arena project in Peru. On June 21, 2012, the Company acquired Trelawney Mining and Exploration Inc.
During the year ended December 31, 2011, the Company was drilling in Kalana mine area, and Siribaya advanced exploration gold project in Mali, in which it had vested 50% interest. In February 2012, the Company announced the discovery of rare earth elements (REE) deposit located approximately one kilometer north of the Niobec mine. The REE zone was evaluated with a total of 13,798 meters of diamond drilling in 29 holes including 2,499 meters drilled during 2011. The second phase of diamond drilling on the Company‘s Bousquet-Odyno Property was completed with a total of 6,409 meters for 2011. The project, located only eight kilometers from the Westwood development project in the Abitibi region of Quebec, was reactivated in 2010 as part of the Company‘s renewed emphasis on exploration in Quebec. The Company is exploring Boto-Daorala project. At the South Para (Vila Estrela) project, 3,019 meters of core drilling were achieved during 2011 together with project scale mapping and sampling. In 2011, in Minas Gerais State, 3,147 meters of diamond drilling were completed to test a soil geochemistry anomaly.
The Rosebel gold mine is located in Brokopondo district in north eastern Suriname, South America A total of 88,705 meters of diamond drilling was completed in 2011 on seven of the eight deposits at Rosebel. Resource development and resource conversion drilling was carried out on the Mayo and Rosebel deposits during 2011, with the focus on infill and resource expansion drilling at the Rosebel deposit to prepare for mining development in 2012. The first phase of condemnation drilling over the waste dump area for the Rosebel deposit was completed, and step-out drilling successfully extended the eastern and western limits of gold mineralization.
The 2011 near-mine exploration program near the Rosebel mine included a total of 9,975 meters of diamond and reverse circulation drilling in 2011. During 2011, its activities were focused on the Koemboe and Kraboe Doin prospects, located 10 and 16 kilometers south of the Rosebel infrastructure, respectively. During 2011, drilling (1,055 meters) was initiated on the Tapanahony project, 120 kilometers southeast of the Rosebel mine, where a coherent 1.2 kilometer long surficial geochemistry anomaly will be systematically tested.
T he Essakane project is located in north-eastern Burkina Faso, West Africa. The Essakane deposit is located within a 100.2 square kilometers mining permit that is surrounded by six exploration permits covering a total area of 1,266 square kilometer. Through December 2011, 22,420 meters of reverse circulation and 11,348 meters of diamond drilling had been completed on exploration targets within the 100 square kilometer mine permit, independent of the 52,569-metre resource expansion program carried out within and immediately adjacent to the Essakane Main Zone resource. Additionally, 4,527 meters of aircore drilling was achieved in 2011, testing large expanses of the mine permit that are covered with a thin veneer of windblown sands which mask underlying bedrock and limit the effectiveness of surface geochemical surveys. Resource expansion drilling continued to test the down dip extension of the eastern flank of the anticlinal structure that hosts the deposit.
During 2011, four diamond drills for a total of 32,827 meters was completed. Underground exploration drifting was carried out in conjunction with the 2011 drill program and 413 meters of exploration drift were completed to provide drill access and to expose mineralized zones for sampling. The exploration and resource delineation program is targeting Zone 47, a subsidiary vein structure to veins exploited in the past and located only 35 meters north of existing workings.
The Westwood Project is located on the Doyon property. The Westwood Project covers 1,925 hectares and consists of 120 titles, one mining lease, one surface lease and three tailings leases. The Westwood Project is held 100% by IAMGOLD. Over 75,000 meters of diamond drilling, were completed during 2011 as part of the underground drill program. Four underground drills, working on the exploration drilling program below the 132 level, drilled over 28,600 meters during 2011. In addition, five drills focused on in-fill and delineation work, drilling nearly 46,600 meters during the year.
During 2011, nine underground drills were operating and 75,194 meters of diamond drilling were completed. The Company was focused on in-fill delineation and resource expansion drilling, principally below the 132 level. Infill drilling carried out during 2011, supported earlier geologic interpretations, and step-out drilling intersected new lenses of mineralization within the known corridors of mineralization.
The Niobec underground niobium mine is located twenty five kilometers northwest of Ville de Saguenay (Chicoutimi), within the limits of the municipality of Saint-Honore, Quebec. This area is approximately 200 kilometers north of Quebec City. The Niobec property covers a total area of approximately 1,735 hectares, comprising two mining leases and also includes 43 claims totaling 1,605.6 hectares. During 2011, 33,394 meters of diamond drilling were completed at Niobec. Drilling was directed at mining Blocks 4-5 and 6 to upgrade resources to the reserve category as part of the sequential long-term mine planning and explore the depth extensions to the deposit principally below Blocks 4 and 5. A total of 7,758 meters of diamond drilling was completed on a surface program during the fourth quarter of 2011, along the projected eastern and western extensions of the Niobec resource area to fully evaluate the potential of the niobium zone.
Doyon Division Gold Mine
The Doyon Division is comprised of the Doyon and Mouska underground gold mines, located approximately 40 kilometres east of Rouyn-Noranda and 80 kilometers west of the city of Val d’Or in northwestern Quebec, Canada. The Doyon Division covers an area of 2,258 hectares and is situated within the Cadillac-Bousquet gold belt in the Abitibi region, one of the prolific gold mining camps in Canada. The Doyon property consists of 116 claims and a mining lease that covers 1,381 hectares. The Mouska property is contiguous with the western border of the Doyon property. This 877 hectare property is held through 22 claims and two mining leases.
The Quimsacocha Project is located in southern Ecuador 480 kilometres south of the capital Quito. The Quimsacocha project has probable reserves of 8.1 million tons, at an average grade of 6.5 grams of gold per tone of ore containing 1.7 million ounces of gold, within an indicated resource of 9.9 million tons, at an average grade of 6.6 grams of gold per tone of ore containing 2.1 million ounces of gold. The Quimsacocha property consists of four mining concessions (Cerro Casco, Rio Falso, Cristal and San Martin), covering an approximate area of 9,497 hectares.
Camp Caiman Project
The Camp Caiman Project is located in northeastern French Guiana, South America. The Camp Caiman Project consists of three contiguous exclusive exploration permits covering a total area of 71 square kilometers, including the 30 square kilometers mining concession and two adjacent exploration permits: Tresor (20 square kilometer) to the west and Patawa (21 square kilometer) to the east.
Sadiola Gold Mine
The Sadiola Gold Mine is located in southwest Mali, West Africa near the Senegal Mali border, approximately 70 kilometers south of the town of Kayes, the regional capital. The Sadiola mining permit covers an area of 302 square kilometer of area.
Yatela Gold Mine
The Yatela Gold Mine is located 25 kilometers north of the Sadiola Gold Mine in southwest Mali. The Yatela Mining Permit covers an area of 195 square kilometers in a remote part of Mali.
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