Next major gold mine is under construction

Project Overview

The Fruta del Norte gold deposit was discovered by Aurelian Resources in 2006 and two years later Kinross acquired the company for $1.2 billion. Lundin Gold purchased the asset from Kinross in 2014 for $240 million. Since acquiring the asset, Lundin Gold has signed all major agreements with the Ecuadorian Government to start development, completed a feasibility study and a project update.

Fruta del Norte is now one of the next major gold mines currently being developed. It is a large, high-grade gold deposit with probable reserves of 5.02 million ounces of gold grading at 8.74 grams per tonne. Construction began mid-2017 and first gold is expected in the fourth quarter of 2019.

Fruta del Norte Facts

LocationSoutheast Ecuador
Mine TypeUnderground
Life of Mine~15 years
CAPEX$US692 net of taxes, advanced royalties and financing costs
Future Production3,500 tonnes per day, average 325,000 ounces gold per year
AISCUS$583 per ounce
InfrastructureA 21 km road and 42 km powerline are being built to connect Fruta del Norte to Ecuador’s national highway system and power grid

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