- Write by:
-
Tuesday, January 10, 2023 - 00:09:40
-
176 Visit
-
Print
Mining News Pro - Lundin Gold, which owns and operates one of the world’s highest grade gold mines in southeast Ecuador, has exceeded its production guidance for the second year in the row.
On Tuesday, the Vancouver-based company reported its operating results for the fourth quarter of 2022, showing gold production of 121,139 oz. from the flagship Fruta del Norte mine.
This resulted in total gold production of 476,329 oz. for the year, exceeding the high end of the company’s 2022 guidance of 460,000 oz.
Of the total quarterly gold production, 78,756 oz. were produced as a concentrate and 42,383 oz. as doré. During the same quarter in 2021, the company produced 107,915 oz. of gold.
In Q4 2022, the Fruta del Norte mill processed approximately 420,838 tonnes at an average throughput rate of 4,574 tonnes per day; the average grade of ore milled was 10 grams per tonne, and average recovery was 89.6%.
“We continue to push the boundaries of what Fruta del Norte is capable of, and noteworthy improvements have been made across the board as compared to last year,” Lundin Gold CEO Ron Hochstein said in a media release.
“Our average throughput of 4,574 t/d this fourth quarter is proof that there is a lot more we can get out of Fruta del Norte, and I’m particularly excited to continue building on our successes in 2023,” he added.
The Fruta del Norte project was first acquired by Lundin Gold in late 2014, eight years after its original discovery by Aurelian Resources. Construction began in 2017 and first gold was poured in 2019.
Commercial production began at Fruta del Norte in February 2020. Over an estimated 13-year life, the underground mine is expected to have average production of 340,000 oz. per year, based on its current throughput capacity of 4,200 t/d.
Shares of Lundin Gold shot up 4.3% by 1:30 p.m. ET following the guidance beat. The company’s market capitalization sits at C$3.5 billion ($2.6bn).
Short Link:
https://www.miningnews.ir/En/News/622559
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
No comments have been posted yet ...