Gold mid-tiers’ Q3 2024 fundamentals
All-time-high gold prices combined with relatively-contained costs catapulted unit earnings to another epic record.
Canada’s IAMGOLD (TSX: IMG) has triggered force majeure to suspend operations at its Rosebel Gold Mine in Suriname because some unionized employees have started a work stoppage.
In a press release, the miner said the strike is a breach of the Collective Labour Agreement that prescribes a number of procedures in the event of a dispute between Rosebel and Rosebell Werknemers Organisatie. The company also said it has prepared legal actions against the union.
The action comes as a surprise to IAMGOLD, as a new two-year collective agreement was finalized at Rosebel on September 14, 2018.
The 170-square-kilometre gold mine, 5% of which is owned by the Suriname government and the rest by the Toronto-based miner, is located in the northeastern part of the South American country, approximately 85 kilometres south of the capital city of Paramaribo.
The open-pit operation began commercial production in 2004 and at the end of 2016 had produced 4.4 million ounces of gold.
