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IAMGOLD, AngloGold Ashanti to Suspend Mining Excavation Activities at Yatela Mine in Mali

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IAMGOLD Corporation (NYSE: IAG) reports that the Société d'Exploration des
Mines d'Or de Yatela S.A, a joint venture between IAMGOLD (40%),
AngloGold Ashanti (NYSE: AU) (40%) and the government of Mali (20%), has decided
to suspend mining excavation activities at the Yatela Mine in Mali
effective September 30, 2013.   This decision reflects a combination of
factors, including miner safety in the pit, the drop in the spot price
of gold and the reduction in profit margin.  Although a process of
gradual dismantling of the site is planned for September 30, 2013,
processing of heap leach pads and ore already mined will continue until
the end of 2016, since the end of the mining activities does not yet
mean the end of the mine.   The Yatela mine is situated over 600
kilometres north-west of the Malian capital of Bamako and about 25
kilometres north of the Sadiola mine.

This decision will result in the conclusion of contractual arrangements
with Yatela's mining contractors (AMS & BME), who will cancel the mine
workers' contracts.  AngloGold Ashanti, as the mine operator, will
focus on compliance with all regulations governing the reduction of
staff.  With regard to

See full press release

 

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