02:30 PM EDT, 10/23/2018 (MT Newswires) -- Iamgold (IAG) shares were trading at $3.91 on last look Tuesday, for a 2.0% gain from the previous close, after the company said late Monday the feasibility study for its Boto gold project in Senegal outlined an economically robust project with an anticipated low cost of production and long operating life.

The Boto gold project was pegged with a net present value of $261 million and a payback period of 3.4 years, at a 6% discount rate and a gold price of $1,250 per ounce. Initial capital expenditure was estimated at $254 million, with an expected mine life of 12.8 years.

The average annual production over the life of the mine was estimated at 140,000 ounces of gold, with the annual average at 160,000 ounces of gold for the first six years of the operation.

Iamgold said the feasibility study will be used to support an application for a mining concession in Q4.

Price: 3.91, Change: +0.07, Percent Change: +1.82