"The challenge for Rosebel has been the transition of its existing operations to process harder rock at the current power rate of 20 cents per kilowatt hour," said Gord Stothart, Executive Vice President and Chief Operating Officer at IAMGOLD. "There have been two important developments that allow IAMGOLD the potential to access more soft rock and better power rates. The first development, announced on April 15, 2013, established a new joint venture growth vehicle targeting softer ore at 11 cents per kilowatt hour in areas surrounding the current mine operation. And now, we have concluded an agreement to reduce existing power rates, which will allow us to potentially reduce our costs by up to $50 per ounce and the Government of Suriname and our shareholders to benefit from much better operating margins and a longer mine life."