Lundin Gold Inc (Fortress Minerals)
Lundin Gold Inc (Fortress Minerals)
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Despite all-time high 1st qtr 2022 (Q1 22) gold production of 121,665oz from Lundin Gold’s Fruta del Norte mine in SW Ecuador, well up on
Q1 21’s 104,137oz, the company’s net income has plunged to $US23.18M from $85.98M, albeit with adjusted net earnings up to $57.55M from $37.4M.
Lundin Gold has posted all-time high 1st qtr 2022 (Q1 22) gold production of 121,665oz from its Fruta del Norte Gold Mine in SW Ecuador, well up on
Q1 21’s 104,137oz.
Of the total Q1 22 gold production, 78,601oz were produced as a concentrate from Q1 21’s 70,642oz and 43,064oz as doré from 33,675oz. The record gold ounces were attained despite a mill shut down for several days in March for relining both the SAG and ball mills.
Lundin Gold’s 1st full year of operations at its Fruta del Norte gold mine in SE Ecuador has lifted Dec 2021 year (FY/CY 21) total gold production to 428,514oz from the previous year’s 242,400oz, exceeding guidance of 380,000oz-420,000 oz.
Ore processed jumped to 1.41Mt from 905,780t and the average head grade rose to 10.6g/t from 9.5g/t. Full year 2021 results will be published Feb 23, 2022.
Lundin Gold remains on track to meet the upper end of its 420,000oz Dec 2021 year (FY/CY 21) gold production guidance from its Fruta del Norte Gold Mine in SE Ecuador, despite Sept 2021 qtr (Q3 21) output easing to 107,663oz from Q2 21’s 108,799oz.
Despite higher gold production from its Fruta del Norte mine in SE Ecuador, Lundin Gold’s June 2021 qtr (Q2 21) net income has plummeted to $US49.98M from Q1 21’s 85.98M, but with adjusted net earnings up to $74.8M from $37.4M.
Net revenues were steady at $139.99M, with income from mining operations up to $110.6M from $64.03M and operating cash flow to $142M from $75.08M on gold output up to 108,799oz from 104,137oz and sales to 125,412oz from 81,805oz with cash operating costs sold down to $596oz from $672oz and AISC to $720oz from $830oz.
Lundin Gold has lifted June 2021 qtr (Q2 21) gold production from its Fruta del Norte gold mine in SE Ecuador to 108,799oz from Q1 21’s 104,137oz, made up of 66,721oz produced as a concentrate from 70,642oz, but dore up to 42,078oz from 33,675oz.
The result was on mill processed up to about 346,561t from 324,600t, with the average grade of ore milled easing to 11.08g/t from 11.36g/t, but the average recovery up to 88.2% from 87.8%. Full Q2 results Aug 11, 2021.
Lundin Gold is off to a good start for 2001 with Mar 2021 qtr (Q1 21) net income of $US85.98M from Q4 20’s $1.23M net loss, albeit with adjusted net earnings down to $37.4M from $76.22M, on gold production from the company’s sole producing Fruta del Norte Gold Mine in SE Ecuador up to a record 104,137oz from 96,830oz.
Gold production from Lundin Gold’s sole producing Fruta del Norte Gold Mine in SE Ecuador has jumped to 104,137oz in the Mar 2021 qtr (Q1 21) from Q4 20’s 96,830oz on concentrate up to 70,642oz from 56,900oz, but dore easing to 33,675oz from 39,930oz.
The result was on mill processing down to 324,600t from 337,146t, the average ore grade milled up to 11.36g/t from 10.1g/t and average recovery easing to 87.8% from 88.6%.
The Q4 2020 return to full production of the Candelaria mine in Chile and Chapada in Brazil, has helped lift global miner Lundin Mining’s Dec 2020 year (FY/CY 20) net earnings a little to $US168.8M from $167.3M the previous year.
Gold and nickel shone with gold output a 1st up 163,000oz and nickel to 16,718t from FY/CY 2019’s 13,494t, but with copper easing to 230,781t from 235,498t and zinc to 142,744t from 151,515t.
Lundin Gold has updated 2021 year (FY/CY21) guidance at its Fruta del Norte Gold Mine in SE Ecuador following a 20% expansion in mine/mill throughput and an 8% increase in probable mineral reserves to 5.41Moz at 8.1 g/t, primarily as a result of changing the mining method from drift-and-fill to long hole stoping.