Sumitomo Metal Mining and IAM Gold Celebrate Opening of Coté Gold Mine

Sumitomo Metal Mining (SMM) announced on March 24 that it held an opening ceremony on March 22 for the Coté gold mine, which it has been developing in partnership with Canadian gold-producing giant IAM Gold. The event was attended by around 130 people, including top executives from both SMM and IAM Gold, project stakeholders, Japanese and Canadian government officials such as Ambassador Kanji Yamanouchi from the Embassy of Japan in Canada, and local dignitaries.

The Coté gold mine, located approximately 125 kilometers south-southwest of Timmins, Ontario, is an open-pit operation. Ownership of the mine is split, with IAM Gold holding a 60.3% stake and SMM owning the remaining 39.7%.

Production at the mine began at the end of March 2024, with an expected output of 6.9 tons of gold within the year. The mine has an estimated life span of 18 years, with a planned total production of 205 tons of gold.