GOGAMA, ONT. — Ontario Premier Doug Ford was on hand as Iamgold Corporation held a groundbreaking ceremony today to launch its Cote Gold Project in Gogama, Ont.
The firm announced it would be proceeding with the project in July. Site preparation is already underway and by next July it is expected that there will be 1,000 construction workers preparing the site with $1.8 billion targeted to be spent.
When fully operational, the mine is expected to employ 450 people, generate more than $5 billion in wages, and contribute $10 billion to Ontario’s gross domestic product over its 18-year life span.
The mine is expected to reach full production by 2023.
“Mining is a key driver of our provincial economy and our government is proud to support Ontario’s world-class mining industry,” said Ontario Minister of Energy, Northern Development and Mines Greg Rickford in a statement. “The opening of Cote Gold Mine will propel economic recovery forward in the region, once again signalling to the world that Northern Ontario is open for business, jobs and investment.”
The mine has estimated gold reserves of more than seven million ounces.