Iamgold has announced that it will not proceed with the construction of its Côté Gold Project, in Ontario, Canada as the company awaits improved market conditions.

At present, IAMGOLD remains focused on its existing operations and plans to introduce a number of new initiatives at its Saramacca, Rosebel, Essakane, and Westwood projects.

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The company said it will continue to advance engineering and permitting work at Côté.

IAMGOLD president and CEO Steve Letwin said: “We are focused on creating superior shareholder value by allocating our capital to our best near- and long-term opportunities in a manner that is consistent with shareholder expectations, and with our goal of maintaining a strong balance sheet.

“We have substantially de-risked the Côté Gold Project, from both a technical and financial perspective, and 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.”

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Over the past several years, the company identified almost 10 million ounces in measured and indicated resources at Côté.

It also developed a feasibility study, base mine plan and an extended mine plan with improved net present values and internal rates of return.

“However, we have decided to wait for improved, and sustainable, market conditions in order to proceed with construction.”

IAMGOLD has four operating gold mines across three continents.

The company produces between 845,000 and 885,000 ounces of gold a year from its operations based in Canada, Suriname, Burkina Faso and Mali.

During the first quarter of last year, it reported attributable gold production of 229,000 ounces at all-in sustaining costs of $953 per ounce sold.