Loading ...Canada’s Iamgold (NYSE: IAG) (TSX: IMG) has revealed a cost blowout at its massive Côté gold project in Ontario, with preliminary estimates from an ongoing risk analysis indicating that development of the asset would require between $1.2 billion and $1.3 billion to complete.
That compares to the company’s previous assessment of between $710 million and $760 million needed and represents an eye popping 90% cost increase after adjusting the figure for the $78.5 million spent in the first three months of the year.