PRECIOUS METALS

One injured in attack on Iamgold convoy in Burkina Faso

Iamgold says one member of a government security force was injured during an incident while escorting a convoy of two buses to its flagship Essakane gold mine in Burkina Faso on Tuesday.

Staff reporter
 Iamgold’s 90%-owned Essakane mine in Burkina Faso

Iamgold’s 90%-owned Essakane mine in Burkina Faso

The Canada-based miner has cancelled all convoys to and from Essakane "until further notice", Reuters reported.

Gunmen had fired on the vehicles but were repelled by the security detail, the wire service said.

The attack happened about 115km from Essakane en route from Ouagadougou.

Iamgold said the situation had been resolved and the workforce and local community were otherwise safe.

"At this time, the company does not expect any negative impact on production from this incident," it said.

It said it continued to monitor and assess the situation and evolve its security protocols.

Burkina Faso was given a CCC rating in the 2020 Mining Journal Intelligence World Risk Report (feat. MineHutte ratings) Investment Risk Index.

Semafo's Boungou mine, now owned by Endeavour Mining, was closed for months after a fatal attack on a convoy to the mine in the country's east in November 2019, where 39 were killed and 60 injured.

Essakane is 10%-owned by the government and accounts for more than half of Iamgold's production.

Iamgold recently increased the mine's 2021 attributable production from 365,000-390,000 ounces to 390,000-400,000oz after a strong first half.

The company had trimmed total full-year guidance to 565,000-605,000oz due to issues at its other mines, Rosebel in Suriname and Westwood in Canada.

Iamgold shares (TSX: IMG) have dropped about 47% over the past year and closed down 3% yesterday to C$2.91, valuing it at $1.4 billon (US$1.1 billion).

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