10:03 AM EDT, 07/21/2020 (MT Newswires) -- Iamgold (IAG) said Tuesday that it will proceed with the construction of the Cote gold project in northern Ontario.

Cote has estimated contained gold reserves of more than 7 million ounces and exploration potential. Construction is expected to commence in Q3 2020 with activities ramping up into Q4, according to the mining firm. The project is expected to create more than 1,000 jobs during construction and 450 jobs during operations, the company said.

Imagold's expected future capital obligation is $875 million to $925 million, for its 70% share of project construction costs, including $77 million in 2020 and the balance paid out through 2023.

Iamgold also said that will continue to apply a de-risking approach to Senegal's Boto gold project, beginning with a significant investment in local infrastructure.

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