April 16, 2013 / 5:10 PM / 5 years ago

Canada's IAMGOLD to spend $360 mln on Burkina mine

OUAGADOUGOU, April 16 (Reuters) - Canadian gold miner IAMGOLD Corp plans to spend around $360 million to boost output at its Essakane gold mine in northeastern Burkina Faso, a company official said on Tuesday.

The work began in October and will include an extension of the main pit, excavation of a new satellite pit and construction of a road linking the two sites.

“The expansion aims to increase extraction capacity from 32 million tonnes of ore annually to 56.5 million tonnes,” Gilles Helu, the mine’s health and security director, said in Tuesday’s edition of the state-owned newspaper Sidwaya.

“The global processing output for the factory will be reinforced, increasing for 9 million tonnes of ore per year to 10.8 million tonnes,” he said.

The expansion will extend the life of the mine into 2025 and create an additional 900 jobs, the paper said.

IAMGOLD acquired a 90 percent stake in the Essakane mine in 2009, with the rest held by the government of Burkina Faso. The mine contains reserves of 3.9 million ounces and produced 337,000 ounces of gold attributable to IAMGOLD in 2011.

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