IAMGOLD Corp (IAG)

[JohnCM]

IAMGOLD reports a work stoppage at its joint venture operations in Mali

Date: 02/12/2014 @ 5:10 PM

Source: PR Newswire (Canada)

Stock: Iamgold Corp.. Ordinary Shares (IAG)

Quote: 3.88 -0.13 (-3.24%) @ 7:03 PM

TORONTO , Feb. 12. 2014 / CNW / - IAMGOLD Corporation ("IAMGOLD" or "the Company") announced that February 10, 2014, a minority of employees mines joint venture of the Company, Sadiola and Yatela in Mali , went on strike to about redundancy. At this point, the production of both mines continues normally.

Oumar Toguyeni, Regional Vice President of IAMGOLD, West Africa, said: "At the Sadiola mine, production was halted at the pit FE3, and the target mining pits now for EF4 and Tambali extract ore oxidized content higher, better adapted to the existing plant. In September 2013, the sharp drop in gold prices, coupled with security considerations, led to the suspension of mining and the cessation of mining contracts Yatéla. "

The joint venture partner IAMGOLD these two mines, AngloGold Ashanti Limited, oversees local activities and continuous dialogue with employees and their representatives, including the National Division of Mines and Industries, known locally as the SECNAMI, to find a solution acceptable to all stakeholders.

The targeted operating method Sadiola, made necessary by a lower gold price, seeks to improve the viability of the mine. Unfortunately, this will affect the employees of the joint venture, as well as employees of mining contractor, LTA Mali.

The joint venture partners also continue to consult with all stakeholders. Forum of the mine life has also been put in place to continuously inform employees of both mines (Sadiola and Yatela), their unions and representatives of the communities of the future development of the two mines.

About Yatéla gold mines and Sadiola

Sadiola, the larger of the two operations in Mali , is an operating joint venture between AngloGold Ashanti (41%), IAMGOLD (41%) and the Government of Mali (18%). The mine began operations in 1996 and is located in the southwest of Mali , near the Senegal border, 77 miles southwest of Kayes, the regional capital.

Yatéla is 80% owned by the company Sadiola Exploration Company Limited, a joint venture between AngloGold Ashanti and IAMGOLD, giving everyone a 40% stake. The Malian government holds the remaining 20%. Yatéla is located in the southwest of Mali , some 25 km north of Sadiola and about 50 km south-southwest of Kayes, the regional capital.