Lundin Mining (TSX: LUG) saw third quarter production of 122,154 ounces at its Fruta del Norte gold mine in Ecuador. The figure represents an increase of more than 8% compared to the third quarter of 2023.
Production is said to have consisted of 73,532 ounces of gold in concentrate, while 48,622 ounces were in the form of dore, both figures of which improved on a year over year basis.
Total sales during the quarter meanwhile came in at 125,887 ounces, versus 112,711 ounces in the year ago period. The substantial change here however was the average realized gold price, which climbed to $2,615 an ounce, versus $1,931 an ounce in Q3 2023, a substantial 35% increase.
From an operations standpoint, Lundin processed 425,340 tonnes at a rate of 4,623 tonners per day, with an average grade of 10.3 g/t and recoveries of 86.8%.
Lundin also confirmed this morning that it has made the second and final payment to Newmont to buyout the balance of a stream credit facility and offtake agreement for the Fruta del Norte mine. A second payment of $150 million was made on September 27.
Full financial results for the third quarter are slated to be released on November 7 after the close of markets.
Lundin Mining last traded at $31.43 on the TSX.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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