Lundin gold production slides 20% at Ecuador mine
Thu April 11 2024
Canadian company Lundin Gold reported production of 111,572oz of gold in January-March at its Fruta del Norte mine in Ecuador, down 20% year-on-year. Of the total produced in the first quarter, 73,964oz was concentrate and 37,608oz doré, the company said in a statement.
Between January and March, the mill processed 413,596t at an average throughput of 4,545t/d. The average milled ore grade was 9.5g/t and the average recovery rate was 88.3%, providing a solid basis to meet production guidance of 450,000-500,000oz for full-year 2024, according to Lundin.
"We do expect 2024 production to be weighted to the second half from increasing grades and recoveries in the coming quarters. With this first quarter performance, we have put ourselves in a great position to meet production guidance for 2024," said Ron Hochstein, president and CEO of Lundin.
Hochstein also noted that phase two of the processing plant expansion is underway and on track to be completed by the end of the year.
In 2024, Lundin plans to carry out its largest ever exploration program at the mine, drilling 56,000m with an investment of US$42mn in a campaign in areas near the site and 10km away.
Last December, Hochstein told BNamericas that the company is aims to continue increasing the reserves of the existing mine and, as the exploration program progresses, in the medium term it hopes to discover a new deposit with characteristics similar to Fruta del Norte.
Fruta del Norte is estimated to have a useful life until 2034, but with the exploration campaigns the Canadian firm hopes to substantially increase its presence in the country and continue operating there for another 50 years.
Source: https://www.bnamericas.com