Our Story, By Us
< Current local time in Suriname – Paramaribo
Posts Tagged ‘Iamgold’
PARAMARIBO–Suriname has announced reaching a principle agreement with goldminer Iamgold for a significant expansion of the Rosebel Gold Mine in district Brokopondo. “Reaching an initial agreement on the terms and conditions necessary for the expansion of Rosebel is a pivotal moment for us,” stated Iamgold CEO Steve Letwin in a press release issued on Wednesday.
Letwin said the next steps are to work expeditiously towards the conclusion of a definitive agreement and to complete a feasibility study. “Achieving this milestone is a reflection of the collaborative relationship that has been established between Suriname’s Negotiation Commission and the Iamgold’s negotiation team. It is evident that both teams are committed to working out an arrangement that will be beneficial to both the Republic of Suriname and IAMGOLD.”
The release didn’t specify details, but did hint that the agreement establishes the key principal elements that will ultimately lead to a significant capacity expansion of the Rosebel Mine. Intentions are to finalize the definite agreement in 2012.
Canada headquartered Iamgold owns 90 percent of the prosperous Rosebel mine with the remainder owned by Suriname’s government. The mine is among the country’s largest employers. It is located about 52 miles (85 kilometers) south of Paramaribo. The mine is expected to play an important role in the IAMGOLD corp. meeting its overall 2011 production forecast in the range of 1.1 million and 1.2 million ounces.
PARAMARIBO—A mere two days after Iamgold hosted an elaborate family day for its workers at Cola Kreek retreat, the company’s general manager resigned.
The company announced the resignation of Paul Korpi on Tuesday evening but isn’t saying why he stepped down at the Rosebel gold mine. Having just returned from vacation abroad, Korpi only briefly attended the retreat Saturday morning for the opening.
Iamgold says it has already initiated a search for a new GM. “We are committed to finding the best available talent to lead Rosebel and will consider internal and external candidates,” the company stated.
Tom Ohrling, who has been with Iamgold since 1992, will assume the position of General Manager at Rosebel in the interim. “Mr. Ohrling has built a reputation of strong leadership qualities and sucesful production within Iamgold,” the company stated.
PARA–Cola Creek came abuzz last Saturday with the delightful hum of Iamgold families at play. The Canadian goldminer hosted its annual Family Day at the recreational park and over 2,000 workers and their families were in attendance. Bands played, clowns entertained the kids and people mingled or just lazed around; all at the expense of the company.
“We do this out of appreciation for our people,” said Yohann Bouchard Operations Manager at the Rosebel Mine in Brokopondo. He explained that Iamgold puts a lot of value into its workers, to make sure that they feel a sense of ownership of the company. “We’re not here to reap all the benefits of the country and leave. We invested heavily, earn a living from our operations, but moreover, we take the development of our workers at heart; the ultimate development for me, would be when in a few years, when I leave Suriname, someone from here has been trained to take over my job,” he said.
Bouchard said Rosebel Gold Mines RGM is very active on Brokopondo. “The company is participating in the development of sustainable projects with the local communities. Our object, is to contribute to the local development of the services and to develop the economy in Brokopondo,” he said.
Creating a bond through social activities is therefore key, he explained. “This is such a great event. It creates great camaraderie amongst people who usually only see each other on the work floor,” he said.
Read on for Iamgold Fam Day photos by Marlon Hoogdorp
PARAMARIBO–Gold miner Iamgold has reported encouraging results from its greenfields projects in Suriname, Quebec and Brazil.
In Suriname, the company announced on Monday, “significant mineralized intersections” were encountered at the Koemboe prospect. At Koemboe, near the Rosebel mine in District Brokopondo, more than 3,100 metres of diamond drilling in 20 holes was completed in July 2011.
The company said it is continuing to work on more than 18 grassroots projects in Senegal, Mali, Suriname, Colombia, Peru, Brazil and Canada. The company expects to complete over 500,000 meters of exploration drilling this year. Drilling at Koemboe will continue.
Canada headquartered Iamgold owns 90 percent of the prosperous Rosebel mine with the remainder owned by Suriname’s government. The mine is among the country’s largest employers. It is located about 52 miles (85 kilometers) south of Paramaribo.
PARAMARIBO–A strike that halted operations at the Iamgold’s Rosebel mine in District Brokopondo has ended, the company and a union official said Wednesday. The employees agreed to resume work at the mine south of Suriname’s capital following a late-night mediation session, union President Freddy Brug said.
The dispute centered on a management move to lengthen the work day on the final day of the workers’ 14-day shifts. Brug told The Associated Press that management agreed to negotiate a new shift schedule after workers operations resume at the mine.
Iamgold issued a statement confirming that the 36-hour strike had ended when “an agreement was reached with regard to a possible change in shift scheduling” but did not provide details.
The company said Rosebel has resumed operations and is on target to meet its 2011 production guidance of between 360,000 and 380,000 ounces of gold. Iamgold owns 90 percent of Rosebel with the remainder owned by Suriname’s government. The mine is among the country’s largest employers. It is located about 52 miles (85 kilometers) south of the capital at the edge of the forest in the largely undeveloped South American country.
Source: The Associated Press
Despite production problems at its Rosebel and Essakane mines, IAMGOLD says it will meet its 2011 gold production guidance. Dividend increased and 691% resource increase at Niobec. The company said on Tuesday reported that second-quarter gold production is less than anticipated while average cash costs are higher than expected. Despite gold production problems at the Rosebel Mine in Suriname, as well as a lower than expected crusher ramp up and downtime at the Essakane Mine in Burkina Faso, IAMGOLD expects to meet its 2011 production guidance in the range of 1.1 million and 1.2 million ounces.
“Cost inflation has been experienced at all operations,” said COO Gord Stothart. “Even with these higher costs, and a conservative gold price assumption of $1,200 per ounce, we believe that the projected cash flow from our operations combined with our current cash position will fund our significant, three-year $1.2 billion investment to expand production at our existing gold mines and further strengthen our balance sheet.”
IAMGOLD also announced that it has increased its annual dividend payment by 150% from C$0.08 per share to C$0.20 per share. CEO Steven Letwin said, “The dividend increase reflects the confidence board and management have in the current and future cash flows of the company. …Our growth outlook is very positive.”
PARAMARIBO/TORONTO–Goverment has signed a new agreement with the Iamgold Corporation, that will facilitate a substantial capacity expansion of the Canadian gold mining company’s Rosebel gold mine in District Brokopondo.
A press release issued by the company explains that IAMGOLD will increase investments in brownfield and other near plant resource developments, infrastructure and energy. “Parties agreed to cooperate in the development in these priority areas, specifics of which will be concluded and announced in the near term,” the tersely worded statement said.
It quoted IAMGOLD President and CEO Steve Letwin: “I am very pleased with the current investment in Suriname. This new framework lays the foundations for us to significantly increase our investment here. We strongly believe that Suriname is and will continue to be our first growth priority. We share with the Government a strong, demonstrated commitment to sustainable development and will continue to work jointly with our Government partners to achieve that goal.”
IAMGOLD (www.iamgold.com) is a leading mid-tier gold mining company producing approximately one million ounces annually from 8 gold mines on 3 continents. The company since November 2006 owns 95% of the Rosebel Gold Mines, about 80 kilometers south of Suriname’s capital Paramaribo, in district Brokopondo. The Suriname state owns the remaining 5%. The mine covers an area of 170 km2.
Reuters – Mid-tier gold miner Iamgold’s quarterly gold production rose 41 percent on strong performance at its largest assets, the Rosebel mine in Suriname and Essakane mine in Burkina Faso.
Toronto-based Iamgold, which also has mines in Canada, South America and Africa, said gold production came in at 290,000 attributable ounces at a cash cost of $570 to $580 per ounce.
The company produced 206,000 ounces of gold at average cash cost of $524 per ounce, last year.
Niobium production for the first quarter came in at 1.1 million kilograms at a margin which was within the company’s outlook of $15-$17 per kilogram, it said in a statement. Iamgold produced 1.2 million kilograms of niobium, last year.
Last week, Iamgold had agreed to sell its 18.9 percent interest in the Tarkwa and Damang gold mines in Ghana to Gold Fields , the world’s fourth-largest gold producer, for $667 million in cash. Shares of Iamgold were trading up 1.36 percent at C$19.40 on Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Joyjeet Das)
PARAMARIBO – Gold mining multinational Iamgold wants to invest in generating hydro energy to secure its Suriname operations. Executives told Parliamentarians visiting the company’s mining operations in District Brokopondo last weekend, that they would rather switch to hydro energy as opposed to the fossil fuels they currently run their operations with; and they would be willing to invest further in the Brokopondo community to make it happen.
The multinational owns and operates the lucrative Rosebel Gold Mines near the Nieuw Koffiekamp village. The company officials explained to the 11 visiting Parliamentarians that they want to breathe new life into the Tapajai project, a hydro power plant that has been dormant for years due to insufficient funds and political will. The Tapajai project would detour water from the Tapanahony River in southern Suriname, through the Jai kreek toward the dam at the Afobakka artificial lake, where the turbines will be able to generate more energy than they do now.
IAMGOLD is currently in talks with the Suriname authorities to realize the project. If the deal goes through, an important prerequisite of government is that the company gives Brokopondo and its residents something in return.
The Parliamentarians said the company would for instance have to invest in paving the roads of the district and honor the environmental, safety and health regulations even more than it does now. IAMGOLD, since it started operations in Brokopondo, has invested heavily in the district; US$ 530,000 USD last year, with plans for US$ 800,000 in 2011. The company officials said Iamgold also pays a 36% profit tax and 6.5 % royalties to Suriname annually.
PARAMARIBO/TORONTO–The Rosebel gold mine in Brokopondo has produced a 22% increase in ounces at the Rosebel gold mine, Canadian gold mining operator Iamgold has reported. Together with the 58% increase in gold ounces at the Sadiola mine in Mali, this has resulted in the year-end gold reserves increasing by 1.9 million ounces or 13% to 16.4 million ounces, a press release stated.
At the Rosebel Gold Mine in Suriname proven and probable gold reserves increased by 1.1 million ounces, driven by infill and exploration drilling programs on the Pay Caro, Mayo and Rosebel deposits. Attributable measured and indicated gold resources increase by 700,000 ounces to 7.5 million gold ounces including mineral reserves and depletion replacement.
At the Sadiola mine, the proven and probable mineral reserve increased by 58% from 1.5 million ounces to 2.3 million gold ounces, mainly attributed to the Sadiola Sulphide deposit, and also by the contribution of satellite deposits.
Overall, the company’s total attributable measured and indicated resources, including reserves, now stands at 21.4 million gold ounces, representing a net gain of 1.6 million ounces.
Iamgold since November 2006 owns 95% of the Rosebel Gold Mines, about 80 kilometres south of Suriname’s capital Paramaribo, in district Brokopondo. The Suriname state owns the remaining 5%. The mine covers an area of 170 km2.
The company in January said that much of its 2011 capital expenditure –forecast at $460 million- will be used for plant expansion at the Rosebel mine, explaining that without expansion, the Rosebel mill throughput would decline, going forward as the ore mix will trend to higher proportions of hard rock