Lundin Gold (TSX: LUG) has beat its previously provided production guidance for 2024. The mining firm last night reported total production of 502,029 ounces of gold for the full year, beating prior guidance of 450,000 to 500,000 ounces. Production came from its Fruta del Norte gold mine in Ecuador.
The beat follows the company posting production of 135,241 ounces in the fourth quarter, after processing 427,030 tonnes of ore that had an average grade of 11.3 g/t gold. Lundin indicated that production consisted of 88,834 ounces of concentrate and 46,407 ounces of dore in the fourth quarter, while sales totaled 131,175 ounces.
The full year production results are said to be a record for the company, and represents a 4% improvement over the 481,274 gold ounces produced in 2023.
Commenting on the results, CEO Ron Hochstein indicated that further growth is expected in 2025, thanks in part to the completion of a plant expansion project. Gold recoveries in 2025 are currently guided to be between 475,000 to 525,000 ounces.
Full financial results for the fourth quarter are slated to be released on February 20, 2025, after markets close.
Lundin Gold last traded at $31.04 on the TSX.
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