Name and Location
Essakane gold project, Burkina Faso.
Project Description
Essakane is a free-milling, nonrefractory gold deposit. The intention is to mine and process the deposit at a rate of 7,5-million tons a year in the initial years, when mill feed is predominantly saprolite and transition ore, and 5,4-million tons a year in subsequent years, when mill feed is entirely fresh rock.
Essakane is expected to produce as much as 490 000 oz in 2010 and 2011 and could achieve a production level of 350 000 oz/y.
The facilities for the project will comprise a surface mining operation, an overburden storage facility, a gold processing plant and a tailings storage facility. The required infrastructure includes a village for the mine employees, the mining fleet and maintenance facilities, electrical power generation and water supplies.
It will also be necessary to relocate 2 562 households that will be affected by the project. The Essakane Main Zone is currently the largest known gold deposit in Burkina Faso.
Value
The total project capital budget is about $443-million.
Duration
The project is scheduled to start commercial production in August 2010.
Client
Iamgold (90%) and the Burkina Faso government (10%).
Key Contracts and Suppliers
None stated.
Latest Developments
The project is reportedly on track to start on schedule and within budget.
On Budget and on Time?
Yes.
Contact Details for Project Information
Iamgold investor relations director Tamara Brown, tel +1 416 360 4743; investor relations specialist Diana Truong, tel +1 416 360 4728; or email info@iamgold.com.