- Write by:
-
Thursday, June 27, 2019 - 12:20:16 PM
-
1259 Visit
-
Print
Mining News Pro - Canada’s Lundin Gold (TSX:LUG) has begun mining of the first production stope at its Fruta del Norte gold project in Ecuador.
Construction of the process plant and tailings facility continue to be on schedule, the Vancouver-based miner said, with commissioning of the process plant to begin in the third quarter of this year.
At the end of May, overall construction progress was 73% complete and 88% of the project’s capital expenditure was already committed, the company’s president and CEO, Ron Hochstein, said in a statement.
Lundin has been developing the asset for almost two years, following a 2016 agreement with Ecuador’s government
Underground mine development reached 7.3 km as at May 31, compared to the targeted 7.1 km, while the processing plant reached 80% completion last month.
Wet Commissioning of the initial systems is expected to start in early July and continue throughout the third quarter of this year.
“The majority of process plant operations and maintenance staff have been hired and will participate in the commissioning process,” the miner said.
Lundin Gold, worth almost C$1.5 billion in Toronto, has been developing the asset for almost two years, following a 2016 agreement with Ecuador’s government that allowed it to move ahead with the project.
The company acquired the project in 2015 for $240 million from fellow Canadian miner Kinross Gold (TSX:K) (NYSE:KGC), which had to halt operations after being unable to reach an agreement with authorities regarding the terms for developing the asset.
The underground gold and silver mine, which will be Ecuador’s largest, contains six of Lundin’s 29 mining concessions and covers 70,000 hectares of land. Discovered in 2006, Fruta del Norte is expected to produce 4.6 million ounces of gold over a 15 year mine life.
Short Link:
https://www.miningnews.ir/En/News/391149
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
No comments have been posted yet ...