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IAMGOLD To Build Solar Project In Suriname

Stocks in this article: IAG

TSX: IMG    NYSE: IAG

TORONTO, Nov. 27, 2013 /PRNewswire/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") announced today that IAMGOLD and/or its subsidiary, Rosebel Gold Mines N.V. ("RGM") will fund the development and operation of a solar power project (the "Solar Project") with an installed capacity of five (5) megawatts in Suriname. The Solar Project is delivering on a prior commitment to the Government of Suriname, which was made in connection with a prior deal that significantly lowered the Company's cost of power.

The cost to build the Solar Project is expected to be in the range of $12 million to $14 million, including the work necessary to prepare and provide access  to the site. It is planned to be operational at the start of the third quarter of 2014.  The Solar Project will be managed and operated by RGM, with all electric power being used at the RGM site, and will interconnect to Suriname's electric power grid system.

Ron Halas, Vice President, Commercial, South America, and Project Coordinator stated, "This Solar Project is a positive step forward for IAMGOLD and Suriname as a whole. Five megawatts of additional generating capacity will help the mine to reduce operating costs and free up existing power capacity for use by other customers in Suriname. I am  pleased that IAMGOLD has chosen this proven 'green' technology to meet the increasing power needs at RGM."

Steven Letwin, President and CEO, commented that, "As Rosebel transitions from mining soft rock to harder rock deposits we need an increased amount of power to crush and grind the ore to facilitate the gold extraction.   We have successfully negotiated reductions in the cost of power at Rosebel and this solar project further improves the cost and supply of power to meet our needs.   Adapting such technologies to our business is exactly the type of innovation this industry requires to succeed in the future."

IAMGOLD will continue to work cooperatively with the Government of Suriname on this project. The Company plans to share all technical information with relevant Government Authorities and ADEK University of Suriname so as to improve the understanding of solar power potential in Suriname.

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