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Lundin Gold exports first gold

New producer Lundin Gold (TSX: LUG) has made its first export of gold concentrate and doré bars from its Fruta del Norte mine in Ecuador.
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Light at the end of the tunnel: Lundin ships first gold from Fruta del Norte in Ecuador

Staff reporter

The large-scale mine started production last month and is expected to produce an average annual 310,000 ounces of gold over 15 years.
 
Lundin said its first shipment of about 180 tonnes of concentrate left the port of Guayaquil on December 8, followed by its first doré bars being shipped on December 12 to a refinery in Switzerland.

"Our first shipment to Boliden's smelting facility in Harjavalta, Finland marks another milestone for Fruta del Norte and Ecuador, as this shipment represents the first export from a large-scale mining operation in Ecuador," president and CEO Ron Hochstein said.

The company said it was focused on ramping up the process plant and was "dedicated" to reaching commercial production in the second quarter of 2020.

It had acquired Fruta del Norte in 2014 for US$240 million from Kinross Gold, which had reached a stalemate with the government over development terms for the project.

Lundin Gold's shares have risen from C$4.59 in January to $9.04 in September.

They gained 0.4% on Friday to close at $7.98, capitalising it at $1.78 billion (US$1.35 billion).