Iamgold is stopping construction at its Côté gold project in Ontario, the company announced Monday.

Company president and CEO Steve Letwin said the company would “wait for improved, and sustainable, market conditions in order to proceed with construction.”

Letwin said Iamgold still believes in the project’s potential to “positively transform the company,” but planned to focus its spending on “our best near- and long-term opportunities in a manner that is consistent with shareholder expectations.”

The company said it will continue engineering and permitting work at the project.

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Côté was previously expected to begin building activities in the first months of 2019, and enter pre-production in late 2020. The project is expected to have a life of 16 years, and an average annual production of 367,000 ounces of gold.

So far, Iamgold has identified proven and probable mineral reserves of 203 million tonnes at a grade of 0.98 grams per tonne gold at Côté, a 70/30 joint venture between Iamgold and Sumitomo Metal Mining, according to its November NI 43-101 filing.  

In the third quarter of 2018 the company spent $16.4 million on exploration and project studies at Côté.