Iamgold and its subsidiary, Rosebel Gold Mines N.V., are funding the development and operation of a solar power project with an installed capacity of 5 MW in Suriname. In developing the project, Iamgold is delivering on a prior commitment to the government of Suriname in connection with an agreement 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 work necessary to prepare and provide access to the site. Iamgold plans to have the project operational at the start of the third quarter of 2014. The project will be managed and operated by Rosebel Gold Mines, with all electric power generated being used at the Rosebel site. The power plant will interconnect to Suriname’s electric-power grid system.

Iamgold VP, Commercial, South America, and project coordinator Ron Halas said, “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 Rosebel Gold Mines.”

Steven Letwin, Iamgold president and CEO, said, “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.”

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