December 21, 2009 / 2:45 PM / 8 years ago

UPDATE 1-Iamgold sees commercial production at Westwood by 2013

* Sees total capex for Westwood at $401 million

* To spend $102 mln in 2010

* Shares up 2 pct

Dec 21 (Reuters) - Canadian gold miner Iamgold Corp (IMG.TO) (IAG.N) said it plans a capital expenditure of about $315 million to complete its Westwood project in Northern Quebec and expects to start commercial production in 2013.

The company, which has already spend about $86 million on the project, said it sees total capital expenditure at $401 million and will spend about $102 million in 2010.

Iamgold said, after preliminary assessment of the project, it expects to produce about 180,000 ounces to 200,000 ounces of gold a year at Westwood.

It sees total operating costs at $358 per ounce and average cash costs at $352 per ounce, after the project achieves commercial production.

Shares of Iamgold, which have lost about 17 percent since last month, were up 2 percent at C$16.51 Monday morning on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Unnikrishnan Nair)

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