TSX: IMG NYSE: IAG
TORONTO, Feb. 12, 2014 /PRNewswire/ - IAMGOLD
Corporation ("IAMGOLD" or the "Company") announced that
effective February 10, 2014 a
minority of employees at the Company's joint venture Sadiola and
Yatela mines in Mali embarked on a
strike over the issue of redundancy pay packages. At this stage,
production at both mines is proceeding as normal.
Oumar Toguyeni, IAMGOLD's Regional Vice President, West Africa said, "At the Sadiola mine
production was halted at the FE3 pit, and mining is now focused on
the FE4 and Tambali pits to extract higher-grade oxide ore, which
is better suited to the existing plant. In September 2013, at the neighbouring Yatela mine,
the sharp decline in the gold price, coupled with safety
considerations, led to the suspension of mining and discontinuation
of the mining contracts."
IAMGOLD's joint venture partner at these two mines, AngloGold
Ashanti Limited oversees the local operations and remains in
dialogue with employees and their representatives, including the
National Section of Mines and Industries (SECNAMI), known locally
as SECNAMI, in order to find a solution suitable to all
stakeholders.
The more focused scope of operation at Sadiola was necessitated
by the lower bullion price and is aimed at improving the mine's
viability. Unfortunately, however, it will affect employees of the
joint venture, as well as those employed by the mining contractor,
LTA Mali.
The joint venture partners will also continue to engage all
stakeholders; a Life-of-Mine Forum has been established to
continuously inform employees of both mines, their respective
unions and representatives from our host communities, on
developments relating to the mines' respective futures.
About Sadiola and Yatela Gold Mines
Sadiola, the larger of the two operations in Mali, is a joint venture operation by
AngloGold Ashanti (41%), IAMGOLD (41%) and the government of
Mali (18%). The mine began
operating in 1996 and is located in southwestern Mali, near the Senegal border and 77 kilometres southwest of
the regional capital Kayes.
Yatela is 80% owned by the Sadiola Exploration Company Limited,
a joint venture between AngloGold Ashanti and IAMGOLD, giving each
a 40% stake. The balance of 20% is owned by the Government of
Mali. Yatela is situated in
southwestern Mali, some 25
kilometres north of Sadiola and approximately 50 kilometres
south-southwest of the regional capital Kayes.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
All information included in this news release, including any
information as to the Company's future financial or operating
performance, and other statements that express management's
expectations or estimates of future performance, other than
statements of historical fact, constitute forward looking
information or forward-looking statements and are based on
expectations, estimates and projections as of the date of this news
release. Forward-looking statements contained in this news release
include, but are not limited to, statements with respect to: the
Company's guidance for production, total cash costs, all-in
sustaining costs, depreciation expense, effective tax rate, niobium
production and operating margin, capital expenditures, operations
outlook, cost management initiatives, development and expansion
projects, exploration, the future price of gold, the estimation of
mineral reserves and mineral resources, the realization of mineral
reserve and mineral resource estimates, the timing and amount of
estimated future production, costs of production, permitting
timelines, currency fluctuations, requirements for additional
capital, government regulation of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims
and limitations on insurance coverage. Forward-looking statements
are provided for the purpose of providing information about
management's current expectations and plans relating to the future.
Forward-looking statements are generally identifiable by, but are
not limited to the, use of the words "may", "will", "should",
"continue", "expect" or "anticipate" or the negative of these words
or other variations on these words or comparable terminology.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
management, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. The
Company cautions the reader not to place any reliance whatsoever on
forward-looking information or forward-looking statements. Forward-
looking information and forward-looking statements involve risks,
uncertainties and other factors that may cause the actual financial
results, performance or achievements of IAMGOLD to be materially
different from the Company's estimated future results, performance
or achievements expressed or implied by those forward-looking
statements, and the forward-looking statements are not guarantees
of future performance. Risks and unknowns inherent in all projects
include the inaccuracy of estimated reserves and resources,
metallurgical recoveries, capital and operating costs of such
projects, and the future prices for the relevant minerals. The
capital expenditures and time required to develop new mines or
other projects are considerable, and changes in costs or
construction schedules can affect project economics. Actual costs
and economic returns may differ materially from IAMGOLD's estimates
or IAMGOLD could fail to obtain the governmental approvals
necessary for the operation of a project; in either case, the
project may not proceed, either on its original timing or at
all.
For a more comprehensive discussion of the risks faced by the
Company, and which may cause the actual financial results,
performance or achievements of IAMGOLD to be materially different
from the company's estimated future results, performance or
achievements expressed or implied by forward-looking information or
forward-looking statements, please refer to the Company's latest
Annual Information Form, filed with Canadian securities regulatory
authorities at www.sedar.com, and filed under Form 40-F with the
United States Securities Exchange Commission at
www.sec.gov/edgar.shtml. The risks described in the Annual
Information Form (filed and viewable on www.sedar.com and
www.sec.gov/edgar.shtml, and available upon request from the
Company) are hereby incorporated by reference into this news
release.
The Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise except as required by
applicable law.
About IAMGOLD
IAMGOLD (www.iamgold.com) is a mid-tier mining company with six
operating gold mines (including current joint ventures) on three
continents and one of the world's top three niobium mines. A solid
base of strategic assets in Canada, South
America and Africa is
complemented by development and exploration projects and continued
assessment of accretive acquisition opportunities. IAMGOLD is
in a strong financial position with extensive management and
operational expertise.
Please note:
This entire news release may be accessed via fax, e-mail, IAMGOLD's
website at www.iamgold.com and through CNW Group's website at
www.newswire.ca. All material information on IAMGOLD can be found
at www.sedar.com or at www.sec.gov.
Si vous désirez obtenir la version française de ce communiqué,
veuillez consulter le
http://www.iamgold.com/French/Home/default.aspx.
SOURCE IAMGOLD Corporation