IAG - Gold Royalty to buy net smelter position in Côté Gold project for $15.9M
Gold Royalty (NYSE:GROY) agrees to acquire a 0.75% net smelter return on the Côté Gold Project in Ontario, owned by Iamgold (NYSE:IAG) and Sumitomo Metal Mining, for $15.9M in cash and stock. The Côté Gold Project is seen as a 36K tpd open pit operation with estimated average annual production of 489K gold oz. over the first first years of operation, and average annual production of 367K oz. at all-in sustaining cost of $802/oz. over the 18-year mine life, according to a feasibility study last year. Iamgold disclosed last month that construction is well underway, with detailed engineering at 92.2% and the overall project is 43.4% complete, and expects commercial production in H2 2023. "Together with our royalty on Canadian Malartic's Odyssey Project, Gold Royalty will own royalties on what is expected to be two of Canada's largest and longest-life gold mines," Gold Royalty Chairman and CEO David Garofalo said.
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Gold Royalty to buy net smelter position in Côté Gold project for $15.9M