• Iamgold plans $165 million investment at Essakane gold mine in 2026
• Funds target maintenance, waste stripping and new pit mining
• Production expected at 400,000-440,000 ounces in Burkina Faso

Canadian mining company Iamgold plans to invest about $165 million in its Essakane gold mine in Burkina Faso in 2026. The funds will be mainly allocated to maintenance work at the site, which remains the largest gold mining operation in the country. Annual production at the mine is expected to reach up to 440,000 ounces of gold.

According to the company, the budget will specifically cover waste rock stripping. Waste rock refers to material with no commercial value that must be removed to facilitate access to the orebody. The investment will also include mining activities at a new pit on the site, as well as the replacement of some mining equipment to improve operational efficiency.

With these investments, Iamgold intends to maintain production between 400,000 and 440,000 ounces in 2026. This level is comparable to the target set for 2025. At the end of that fiscal year, the company reported production of 427,000 ounces of gold, down from 454,000 ounces recorded in 2024. At this stage, Iamgold has not specified how it plans to finance the announced investments.

The Burkinabe state has held a 15% stake in the project since June 2025. This ownership follows the provisions of the mining code revised in 2024. Iamgold retains the remaining 85%.

Aurel Sèdjro Houenou