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Tuesday, Feb 20, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Lundin Gold produced 121K ounces of gold from its Fruta del Norte mine in Q4

Lundin Gold produced 476,329 ounces for the year, beating its own 2022 guidance of 460,000 ounces

Image from Tom Fisk via Pexels.

Lundin Gold (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQXL LUGDF) reported its Q4 2022 gold production of 121,139 ounces from its Fruta del Norte gold mine in Ecuador.

In total, the company produced 476,329 ounces for the year, beating its own 2022 guidance of 460,000 ounces. In quarterly production terms, the company produced 78,756 ounces as a concentrate and 42,383 ounces as doré. The company produced 107,915 ounces of gold during Q4, 2021.

“I am extremely happy to announce that for the second year running, Lundin Gold has beaten its production guidance. Our average throughput of 4,574 tpd 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,” said Ron Hochstein, president and CEO of Lundin Gold.

Read more: Calibre Mining 2022 operating results show year round gold production of 222K ounces

Read more: NevGold issues $1.5M in shares to GoldMining Inc. for Nutmeg Mountain project

Lundin Gold beats production guidance

Image via Lundin Gold.

The mill processed approximately 420,838 tonnes with an average throughput rate of 4,574 tonnes per day in Q4 of 2022. The company managed a average grade of ore milled at 10 grams per tonne with a recovery rate of 89.6 per cent.

Vancouver-based Lundin Gold owns the Fruta del Norte gold mine in southeast Ecuador. It’s among the highest-grade operating gold mines in the world. The company’s management team is dedicated to operating the mine responsibly, operating with transparency in accordance with international best practices. The company also believes that value created through the mine’s development will bring benefit to its shareholders, as well as the Government and people of Ecuador.

Lundin Gold will release its year end 2022 financials on February 23, 2023, after the market closes in North America. The company will also host a conference call and webcast to discuss the results on the subsequent Friday, at 7 a.m. PST.


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