(de Ware Tijd) PARAMARIBO — Iamgold has discovered more profitable gold reserves in its concession in Brokopondo. The company will release details on the find in early 2013.
In the past seven years the company has been operational in Suriname it has mined 93,000 kilos of the precious ore through its subsidiary Rosebel Goldmines (RGM). Most striking is that when RGM was still owned by former owner Cambior, it was expected that operations would have a limited lifespan. Iamgold took over Cambior in 2006 and made use of new technology to prospect for the ore. Within the original 17,000 hectares, three times as much gold (280,000 kilograms) were discovered. This find assures the company a stay of another 14 years in Suriname with a year production of 12,500 kilograms.
Iamgold has permission from the government to prospect outside its original concession in a 80,000 hectares large area. Sharmila Jadnanasingh, Manager Legal and Business Relations with RGM says that the findings of explorations will be disclosed early next year. By then the company will have signed a new gold deal with the government to invest US$700 million in its new operations. Although Newmont is a competitor on the international market, the arrival of the newcomer in Suriname will bring new possibilities for Iamgold. ‘We’re looking forward to a form of cooperation in the field of logistics to help keep expenditures low’, says Jadnanansigh. ‘Our only problem is finding enough skilled laborers.
Jadnanansingh expects Newmont to run up the same walls when it comes to finding skilled laborers locally. Every year Iamgold invests millions of dollars in training courses for skilled staff. Currently the company has a US$ 2 million educational program running with the University of Suriname to have 20 geologists ready by 2014.
