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Fruta del Norte delivers strong Q4 for Lundin

Lundin Gold’s flagship Fruta del Norte gold mine in southeast Ecuador has delivered strong December quarter production of 96,830oz to help push output well beyond the top-end of the company’s second-half, post-COVID closure guidance range of 150,000-170,000oz.
Fruta del Norte delivers strong Q4 for Lundin Fruta del Norte delivers strong Q4 for Lundin Fruta del Norte delivers strong Q4 for Lundin Fruta del Norte delivers strong Q4 for Lundin Fruta del Norte delivers strong Q4 for Lundin

Lundin Gold says its flagship Fruta del Norte mine in Ecuador produced more gold than planned in 2020

Staff Reporter

The operation benefitted from a mined grade of 10.1 grams per tonne gold during the most recent quarter, above the mine's average reserve average of 9.67g/t, which helped push output to 191,080oz since the operation restarted on July 1, 2020.

Lundin declared commercial production on March 1 last year and despite the impacts of the pandemic 2020 production tallied 242,400oz.

For 2021, Lundin guided in December it was looking for 380,000-420,000oz at all-in sustaining costs of US$770-$830/oz.

The company is already moving ahead with a throughput expansion, funded from cash flows, to take throughput from 3,500t/d to 4,200t/d.

Lundin expects to release its 2020 financial results on February 24.

Shares in the company (TSX:LUG) have come off their recent high at C$13.49 to trade at $10.68, which capitalizes Lundin at $2.5 billion (US$2 billion).