PRECIOUS METALS

Iamgold workers missing in Burkina Faso 'safely located'

Site remains secure

Staff reporter

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A search had begun for the employer and contractor when they didn't arrive at site following a security incident on Friday involving 33 people in three buses and three supplies trucks on the way to Essakane.

"The incident is now resolved, with all employees and contractors involved in the incident accounted for and safe," the company said yesterday.

It reiterated the site remained secure and operations were not affected.

It did not expect a negative material impact on production "at this time".

The company had temporarily cancelled convoys to Essakane two months ago after a member of the government security force was injured in an attack on two buses travelling to the mine.

"The company continues to monitor and assess the security situation and make appropriate precautionary adaptations," Iamgold said yesterday.

"The company is offering support to the personnel involved, colleagues and families and continues to engage with the relevant authorities and other partners in Burkina Faso in connection with security in the region around Essakane and its routes."

Islamist militants carry out frequent raids in the area near Burkina Faso's borders with Mali and Niger, Reuters reported, and the country rated poorly in the 2020 Mining Journal Intelligence World Risk Report (feat. MineHutte ratings)

Essakane is expected to produce 390,000-400,000 ounces of gold this year, about two-thirds of Iamgold's forecast 565,000-605,000oz.

Iamgold shares (TSX: IMG) had fallen 5.8% on Friday to C$3.41. They recovered slightly yesterday, closing up 1.76% to $3.47 to capitalise it at $1.65 billion (US$1.3 billion).

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