There will be a new gold mine coming to Ontario’s North in the coming year.

At a Timmins Chamber of Commerce event on Friday, CEO and President of IAMGOLD, Stephen J.J. Letwin, gave a presentation to Chamber members and media on the progress IAMGOLD as a company has made, and updates on the upcoming construction of the Cote Gold Mine.

Cote is one of Canada’s largest undeveloped gold projects, and once construction on the mine begins in 2019, the economic impact it will have on Timmins and throughout northern Ontario will be significant. The mine is expected to produce an average of 320,000 ounces of gold per year over an initial 17-year life span when it starts production in 2021.

CEO and President of IAMGOLD, Stephen J.J. Letwin, says the preparation for construction at the mine site, which is due to begin in the new year, is going forward with a few delays.

“We have seen delays,” Letwin said, “we haven’t encountered too many delays so far. I’d say it’s been about a six week delay.”

Letwin says it’s always a concern with a project this size that it won’t move along as quickly as the company wants it to.

Low gold prices is one of the main concerns for the Cote mine. Letwin says the dip in price (below $1,200) is concerning for the project, but IAMGOLD’s commitment is still strong.

“We have every plan to move ahead,” he said, “there’s no change in our thinking. But I would tell you that costs become a big issue for us if price of gold drops.”

Letwin says the company isn’t above asking other businesses for help if problems arise, but he’s not anticipating that.

“We’re pretty positive about it,” he said, “but it’s a call to people to say ‘Look, if we do run into problems, we may need your help.’ I’m not saying we have a problem today, I’m hoping we don’t have a problem. But we all saw what happened with the Trans Mountain Pipeline. We’ve seen what’s happened to big projects in this country. I don’t want that to happen to our project.”

Despite possible delays and a dip in gold prices, Letwin says there are plenty of benefits to the mine being built in northern Ontario.

“Northern Ontario is a great place to be,” he said, “there’s lots of ounces, it’s easy to mine. […] We’re six kilometers from the highway, we’re surrounded by infrastructure. It’s got all the positive attributes it needs.”

Once in operation, the mine will produce 400-500 permanent jobs. Construction for the mine will produce over 1000 local jobs. There are also plans to build a camp at the mine site, so workers won’t be driving home to Sudbury or Timmins after a long shift.

“The major reason for the camp is safety,” Letwin said, “Safety trumps everything. And so, the camp is an added cost. But, if it saves lives then we build it.”

Letwin also talked about the relationship the company has with the community, First Nations and businesses close to the mine.

“We have an excellent relationship with the community. We have an excellent relationship with the First Nations. We have a really good relationship with all of the businesses that are in the area. We just have to keep those relationships solid.”

Letwin says his confidence in the Cote project has never wavered, mostly because of the team behind it.

“We have a great team,” he said, “We have a lot of cooperation. The fact we’re surrounded by a lot of infrastructure helps.”

He says building in an area with a history of mining makes a big difference.

“We’re surrounded by people. It’s an area where there’s a history of mining. There are a lot of pluses. That’s why I’m confident.”

It’s estimated the Cote Mine will bring $9 Billion in economic activity during the mine’s operation. Construction of the mine is set to begin in early 2019.