Miner Iamgold to build 5-MW solar plant in Suriname

(SeeNews) - Nov 27, 2013 - Canadian miner Iamgold Corp (TSE:IMG) said today it would finance and operate a 5-MW solar park in Suriname that is to provide electricity for the company’s mining activities there.

The project is calling for an investment of USD 12 million (EUR 9m) to USD 14 million, the company calculates.

Iamgold explained that its unit Rosebel Gold Mines NV was transitioning to mining harder rock deposits which means it would consume more power to crush and grind the ore so as to facilitate gold extraction. It has already agreed power price reductions with the government of Suriname, while the solar project will bring additional cost savings and will improve power supply.

The 5-MW solar power plant is expected to come on stream in the third quarter of next year. It will be managed and operated by Rosebel, with all produced power going to the mining site. The facility will be hooked to Suriname’s grid.

Iamgold added that it intended to share the technical information with relevant government authorities and the ADEK University of Suriname in order to provide more understanding of solar power potential in Suriname.

(USD 1 = EUR 0.735)

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