Video: Iamgold pursues ‘Canada-first’ strategy, CEO says

Iamgold (TSX: IMG; NYSE: IAG) is shifting its focus to Canadian production, president and CEO Renaud Adams said.

Franco-Nevada (TSX, NYSE: FNV) last month acquired a 7.5% net profit interest on Iamgold’s 70%-owned Côté Gold project in Ontario. The partnership is to unlock cash now and let Iamgold buy back half of the royalty within three years, cutting future costs as the mine grows.

“This company is just entering a complete refocused path forward, which will be one of the most exciting Canadian stories for the next many years to come,” Adams told The Northern Miner last week in Quebec City. “The refocus of the company is to really grow and develop in Canada.”

Having produced 161,000 oz. of gold in the first quarter, Iamgold expects to produce 735,000 – 820,000 oz. this year at all-in sustaining costs of $1,625 – $1,800 an ounce. Côté Gold reached 90% of its 36,000 tonnes-per-day capacity in March.

Iamgold is on track to deliver 800,000 attributable oz. by midyear from three mines – Côté Gold, Quebec’s Westwood in Quebec and Burkina Faso’s Essakane – and begin a second growth phase at Côté in 2026 targeting 20 million oz. of resources. Exploration in Quebec’s Nelligan camp and regional pipeline projects will push the company’s Canadian resource tally past 30 million oz. over the next two years, Adams said.

Watch below the full interview with The Northern Miner’s western editor, Henry Lazenby.