02:25 PM EST, 01/14/2020 (MT Newswires) -- IAMGOLD (IAG) said Monday that it received approval for the mining permit application on its Boto gold project in Senegal.

The permit, granted for an initial period of 20 years, positions the project for a development decision and eventual production.

Boto is expected to produce an average of 160,000 ounces of gold per year during the first six years of operations, and an average of 130,000 ounces of gold per year over its mine life of 11 years.

In a statement, IAMGOLD president and chief operating officer Gord Stothart said that work is already underway to secure approvals for the next step, which is to either proceed with construction or further derisk Boto before construction.

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