New Joint Venture Gold Mine Project to Provide Big Boost to Timmins Economy

The Cote Gold joint venture mine project between IAMGOLD Corporation and Japanese Sumitomo Metal Mining Co. Promises to deliver excellent job opportunities in the region, in addition to providing big boost to the local economy. The project located near Gogoma in Northern Ontario, Canada is being developed at an investment of $1.3 billion.

The mine, with a minimum life-span of 16 years is expected to generate approximately 1,000 jobs during its construction phase and around 450 full-time jobs as it enters production. The Timmins Economic Development Corporation noted that the area has not seen such type of a huge economic activity over the past several years.

According to Andrew Marks, Timmins’ Deputy Mayor, the gold mine project is very important to the region, as it provides excellent job opportunities for local residents. In addition, it will provide excellent opportunities to its extensive supplier network. Meantime, Ross Woodward, President of The Bucket Shop noted that the investment will have a significant positive impact on employment opportunities and on the Timmins economy. It will immensely benefit the local companies that service the mining sector, he said.

The long-term investment will promote responsible mining in the province and also help restart Timmins’ economy, by supporting its tax base.

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