Next major gold mine is under construction

Project Overview

The Fruta del Norte gold deposit was discovered by Aurelian Resources in 2006. Lundin Gold purchased the asset 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 (please hyperlink to 2018 Annual Information Form – dating March 27, 2019).Construction began mid-2017 and first gold is expected in the fourth quarter of 2019.

Fruta del Norte Facts

LocationSoutheast Ecuador
Ownership100%
Mine TypeUnderground
Life of Mine~15 years
CAPEX$692 million
Net Present Value (5%)17.5%
Future Production3,500 tonnes per day, average 310,000 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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