Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Iamgold (TSX: IMG, NYSE: IAG) has started a staged recall of employees back to its Westwood gold mine in Quebec.
The company is expecting to make a decision in the second quarter with respect to a possible targeted safe restart in the second half of the year which would commence with the East Zone and progress to the other zones in a staged manner, it said.
Iamgold reduced the size of its workforce at the Westwood in November — affecting 437 workers, or 70% of its underground staff following the Oct. 30 suspension of the site due to a seismic event.
Mill feed this year is being sourced from the Grand Duc satellite open pit nearby the Westwood mill complex and is expected to be supplemented by underground material from the Westwood mine.
Guidance for Westwood production is maintained at 45,000 to 65,000 ounces in 2021.
In an August release, Iamgold revised Westwood reserves downward, to 2.7 million tonnes grading 7.1 g/t gold, for a total of 618,000 gold ounces.
