The first large-scale modern gold mine in Ecuador

Project Overview

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

Fruta del Norte Facts

LocationSoutheast Ecuador
Mine TypeUnderground
Probable Reserves5.41 million ounces of gold grading at 8.1 grams per tonne
Life of Mine~14 years
CAPEX$692 million
Future ProductionAverage of 340,000 ounces gold per year
AISCUS$770 - $830 per ounce in 2021
InfrastructureA 21 km road and 42 km powerline connect Fruta del Norte to Ecuador’s national highway system and power grid

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