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Canadian miner Alamos Gold will increase capital spend at the third phase of its Island Gold mine in Ontario by 38% from an originally planned US$1.114 billion to $1.533 billion after it approved a larger than previously planned expansion that it hopes will tackle rising costs through economies of scale.
Alamos Gold expands Island development
While 2022 capital spend remains unchanged, 2023 is expected to increase by $60 million to between $280 and $320 million on the scheme, and in 2024 is expected to increase by $60 million to between
The belt-tightening helped Alamos' Q2 adjusted EPS of US$0.07 beat consensus expectations of $0.06
Alamos buys Manitou to extend Island potential
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