The first large-scale modern gold mine in Ecuador

Project Overview

Lundin Gold’s properties in Southeast Ecuador consist of 29 metallic mineral concessions and three construction materials concessions covering an area of approximately 64,609 hectares. From this, Fruta del Norte is comprised of seven concessions covering an area of approximately 5,566 hectares.

The Fruta del Norte deposit is located within a 150 km long copper–gold metallogenic sub-province located in the Cordillera del Cóndor region in south eastern Ecuador. The nearest city to Fruta del Norte is Loja, the fourth-largest city in Ecuador. Vehicular access from Loja to Fruta del Norte site is via a 150 km long paved highway to the town of Los Encuentros. A 20 km long public/private gravel road connects Los Encuentros to the Fruta del Norte site.

The Fruta del Norte gold deposit was discovered in 2006. Lundin Gold purchased the asset in late 2014 for US$240 million. Over the next two years Lundin Gold completed a feasibility study and signed all major agreements with the Ecuadorian Government providing for the fiscal and regulatory regime and economic stability. Subsequently, in three short years, it financed and constructed the mine and infrastructure ahead of schedule and on budget. First gold production was reached in November 2019 and commercial production was achieved in February 2020.

Fruta del Norte Facts

Location Southeast Ecuador
Ownership 100%
Mine Type Underground
Probable Reserves 5.24 million ounces of gold grading 8.03 grams per tonne
Life of Mine ~14 years
CAPEX $692 million
Future Production Average of 340,000 ounces gold per year
AISC US$770 - $830 per ounce in 2021
Infrastructure A 21 km road and 42 km powerline connect Fruta del Norte to Ecuador’s national highway system and power grid

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TSX: LUG $ 10.22
OMX: LUG kr 70.6
Gold: $ 1802.25