"Iamgold reports that the project team is assessing the situation and evaluating potential mitigation measures to determine the impact this event may have to ongoing construction activities," BMO analyst Jackie Przybylowski said. 

The detail engineering at Cote - which is scheduled to see commercial production in the second half of 2023 - is 92% complete and construction is 43% complete, Przybylowski noted. 

Cote is intended to have a mine life of 18 years and an average gold production in years one to five of 489,000 ounces and an average life-of-mine annual gold production of 367,000oz.

Iamgold's 2022 capital expenditures are expected to be US$970 million-US$1,000 million, which includes US$590 million-US$620 million for Cote. 

"The company believes it should have adequate liquidity with its existing credit facility and Cote equipment leases to complete the development of Cote," Przybylowski said. He noted the company's balance sheet included cash and cash equivalents of US$553 million and available credit of US$500 million for total liquidity of US$1.1 billion at the end of 2021. 

The company flagged that it planned to create superior stakeholder value with a commitment to ESG, focusing on profitability, maintaining a strong balance sheet and ensuring a robust pipeline, Przybylowski said. 

Iamgold traded on the Toronto Stock Exchange at C$4.06/share on March 1. The company has a market capitalisation of C$1.94 billion.