Canada-based Iamgold will not proceed with the construction of the Côté gold project, in Ontario, and is waiting for improved market conditions before it will pull the trigger on the $1.15-billion investment.
Announcing its decision on Monday, CEO Steve Letwin said that the company had it had substantially derisked the Côté project and that it continued to believe in its potential to positively transform the company. “However, we have decided to wait for improved, and sustainable, market conditions in order to proceed with construction,” he said in a news release.