Iamgold trims guidance on Rosebel suspension

Canadian gold miner Iamgold has lowered its production guidance for the year, to reflect the suspension of mining activities at the Rosebel mine where an illegal miner died on July 28. The new attributable guidance is between 765 000 oz and 810,000 oz, compared with the previous forecast of 810,000 oz to 870,000 oz. “Production for the year will be impacted by a temporary suspension of mining activities at Rosebel as we work alongside our local stakeholders to resolve the security issues related to unauthorised mining. As a result of this, combined with lower grades at Rosebel, we have adjusted our production and cost guidance for the year,” said CEO Steve Letwin.

Rosebel’s production guidance has been lowered from between 315,000 oz and 330,000 oz to a range of 240,000 oz to 260,000 oz. Iamgold has reportedly dismissed 325 contractors from its Rosebel gold mine while it works to restore security after a clash between illegal miners and the police. Torontobased Iamgold said earlier this month it had suspended mining operations at Rosebel after a 25yearold illegal miner gained access to the site and died following an incident with police. Police later confirmed he was shot. Some heavyhaul equipment at the mine was set on fire after the miner died. An investigation is ongoing. The company reportedly continues to process stockpiled material at its mill. The company is reportedly demanding assurances from the government to prevent any future incidents. The tribal elders of the village of Nieuw Koffiekamp that is located within the concession pointed out that Iamgold could resume its operations but made it clear that they can’t keep illegal miners from entering the concession again.