President and chief government officer Ron Hochstein mentioned the corporate was happy with the mine’s first full 12 months of manufacturing – a results of improved recoveries and the completion of the plant enlargement. The mission, completed on time and on funds, elevated the typical plant throughput from 3,500 tonnes per day (tpd) to 4,200 tpd.
Lundin elevated Fruta del Norte’s reserves in late 2020 by 8% to five.41 million ounces, on account of adjustments within the deliberate mining methodology.
Primarily based on the brand new figures, it now expects to supply virtually 4.8 million ounces of gold at Fruta del Norte over a 14-year mine life.
The corporate acquired Fruta del Norte in 2014 for $240 million from fellow Canadian miner Kinross Gold (TSX:K) (NYSE:KGC), which needed to halt operations after being unable to succeed in an settlement with authorities relating to the phrases for growing the asset.
The underground gold and silver mine, found in 2006, incorporates six of Lundin’s 29 mining concessions in Ecuador and covers 70,000 hectares of land.
Situated in southeastern Zamora Chinchipe province, the 70,000-hectare Fruta del Norte is Ecuador’s largest mine and one of many greatest and highest-grade gold initiatives on the earth at the moment in manufacturing.