IAMGOLD provides update regarding COVID-19

On March 23 2020, the government of Quebec advised that all non-essential business must close effective 1 min. after midnight 25 March 2020 and remain closed until 13 April 2020. This directive includes mines and processing plants.

On the same day, the government of Ontario advised that all non-essential businesses must close effective midnight 24 March 2020 and remain closed for at least two weeks.

IAMGOLD is complying with these directives by:

• Placing the Westwood Gold Mine on care and maintenance within the provincial directive timeframe. Minimal staff will be in place during this period, and will follow strict hygiene and screening protocols, in addition to social distancing. Westwood is well-positioned to quickly and safely ramp-up mining operations at the appropriate time.
• Closing the Toronto office effective 24 March 2020 at midnight for at least two weeks per the Ontario directive, with the work-from-home protocol already in effect.
• Closing the Longueuil office effective 1 min. after midnight 25 March until 13 April 2020 per the Quebec directive, with the work-from-home protocol already in effect.

Activities at the Côté Gold Project in Ontario are not impacted by the Ontario directive as mining, exploration and development have been deemed ‘essential’ activities in the province. The company continues to be prudent in managing capital expenditures with de-risking activities. It is reducing activities at the site to ensure integrity of equipment and protection of personnel.

The company’s 2020 guidance is under review, and may change if the cessation timelines are protracted. It notes it has a strong balance sheet with US$830 million in cash and cash equivalents (excluding restricted cash and short term investments), plus an undrawn US$500 million credit facility as of 31 December 2019. It plans to act prudently with respect to capital allocation during these challenging times.

IAMGOLD's Essakane mine in Burkina Faso and Rosebel mine in Suriname continue to operate. Both sites are moving into self-confinement the week of 23 March 2020 in order to better protect its employees and communities and support the continuity of these operations.

The impact of COVID-19 and response by local authorities to contain the spread of the virus is evolving on a daily basis, and the company will continue to monitor and adapt its posture as needed.

Read the article online at: https://www.globalminingreview.com/mining/26032020/iamgold-provides-update-regarding-covid-19/