- Write by:
-
Thursday, August 11, 2022 - 13:47:33
-
336 Visit
-
Print
Mining News Pro - Canada’s Lundin Gold has risen its production guidance and decreased its cost estimates for 2022, based on strong results in the first half of the year.
The Vancouver-based miner now expects to produce between 430,000 and 460,000 ounces of gold, from a previous guidance of 405,000 to 445,000 ounces.
All-in sustaining costs (AISC) are forecast to be in the $820 to $930 per ounce range, down from a previously expected $860 to $930 per ounce span.
Lundin’s Fruta del Norte gold-silver mine in Ecuador, the company’s only mining operation and the South American nation’s largest, produced 111,890 ounces of gold in the three months ended June 30.
While production was not affected by a national strike in Ecuador, which ended at the end of June, blockades on some of the country’s major highways hindered gold shipments and sales planned for the month.
An estimated 16,000 ounces were delayed into July, which resulted in the deferral of some revenues from Q2 to Q3 2022, which affected the level of income from mining operations, earnings, and cash flow in Q2 2022.
Mine production was reduced slightly near the end of the quarter to allow the mill to process more tonnes and reduce the run of mine stockpiles, the company said. This measure was taken to manage the oxidation of the ore, which has been impacting mill recoveries, Lundin noted.
The company said underground mine development continues as planned with a total of 2,190 metres completed and that development rates averaged 24 metres per day in the second quarter.
Lundin Gold acquired the project in 2014 for $240 million from fellow Canadian miner Kinross Gold, 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, discovered in 2006, contains six of Lundin’s 29 mining concessions in Ecuador and covers 70,000 hectares of land.
Located in southeastern Zamora Chinchipe province, the 70,000-hectare Fruta del Norte is considered one the largest and highest-grade gold projects in the world currently in production.
It is slated to produce almost 4.8 million ounces of gold over a 14-year mine life. Shares in Lundin Gold were trading 1.86% higher in Toronto at the opening, giving the miner a market capitalization of C$2.25 billion ($1.75bn).
Short Link:
https://www.miningnews.ir/En/News/621946
Private credit managers are doing significantly more fossil-fuel deals now than just a few years ago, as they step into ...
Several people have been killed in Liberia in an accident at an abandoned gold mine, the West African country’s mines ...
Canada’s corporate ethics watchdog on Tuesday said it was likely that human rights abuses had occurred at a mine in ...
Commodities usually rally when central banks cut interest rates, bolstering the case for going long raw materials in the ...
Iron ore futures edged higher on Monday, supported by hopes of further recovery in demand in top consumer China and ...
Awalé Resources (TSXV: ARIC) stock soared on Monday after the Newmont-backed gold explorer reported outstanding assay ...
Iron ore futures tumbled in Singapore, extending a stretch of volatile trading amid deepening anxiety over Chinese ...
French President Emmanuel Macron said on Monday the government is seeking to designate new regulated gold mining zones ...
Newmont Corp. has kicked off the sale of its Akyem gold mine in Ghana, which is attracting interest from potential ...
No comments have been posted yet ...