Lundin Gold Achieves Record Quarterly Gold Production of 140 Koz in Q1 2023

Lundin Gold, a Vancouver-based Canadian mining company, recently announced its Q1 production report, showing its highest quarterly gold outputs of all time. In the first quarter of 2023, the company produced 140,021 ounces of gold from its high-yielding Fruta del Norte gold mine in the southeast region of Ecuador. 

During this quarter last year, Lundin Gold’s production rate capped at 121,665 ounces of gold, displaying an 18,356 ounce year-on-year difference. 2023’s first quarter gold sales totaled at 134,691 ounces, while 2022’s Q1 sale report showed just 119,282 ounces. 

Lundin Gold’s mill started this year processing 392,332 tons in quarter one, averaging 4,359 tons per day at a 12.3 grams-per-ton average grade, with 90.6% recoveries.

“These results are in line with the variability incorporated within the company’s production guidance of 425,000 to 475,000 oz for 2023, as grades and gold production are expected to vary over the coming quarters,” Lundin Gold explains in the press release.

Fruta del Norte is one of the highest-grade gold mines in operation across the world. Lundin Gold’s management team has extensive mining expertise with a commitment to operating with transparency in accordance with international standards and best practices. The company aims to deliver value while improving social and economic impacts to all involved communities by using safe workplace practices and minimized environmental impacts. 

“2023 is off to a great start, and I’m extremely happy to announce that record gold production was achieved through an all-time high in recoveries and grade. I’m excited to continue building on the success of the first quarter and look forward to what the rest of the year has to offer,” Ron Hochstein, Lundin Gold’s President and CEO, explained in the report. 

Lundin Gold is just one company maintained under the Lundin Group of Companies. The diversified corporation controls numerous projects beyond the Fruta del Norte gold mine including Lundin Mining’s production efforts in Argentina, Chile, Brazil, Portugal, Sweden and the United States. Lundin Mining focuses efforts on producing gold, zinc, copper, and nickel. 

The company’s current expansion efforts show active aggression, like many other gold miners in 2023. In recent news, Lundin Mining announced its official bid to enter a purchase agreement with JX Nippon Mining & Metals Corporation and subsidiaries. The deal would allow Lundin Mining to purchase 51% SCM Minera Lumina Copper Chile issued and outstanding equity. 

Lumina Copper is a subsidiary of JX, which controls the Caserones copper-molybdenum mine in Chile. If the deal goes through, Lundin Mining would pay JX $800 million in upfront cash consideration and $150 million in deferred cash consideration in installments over six years. Lundin Mining would also receive the option to acquire 19% interest in Caserones at $350 million in a five-year installment period. 

Caserones is a porphyry copper-molybdenum deposit producing both copper and molybdenum concentrates. In general, the entire deal would offer Lundin Mining an enhanced copper production profile at a large scale with long-lasting opportunities. Chile is part of the well-established Tier-1 mining jurisdiction, and this acquisition would allow Lundin Mining to unlock new geographical potential in the high-yielding area. 

The Lundin Group shows clear efforts to expand operations across the board, from Lundin Gold’s increased production rates to Lundin Mining’s acquisition bids, just to name a few. With the recent performance rates in the precious metals industry, it only makes sense to capitalize on the uptick in demand. Lundin Gold isn’t the only corporation taking advantage of the high demand rates right now either. 

On April 5, Victoria Gold released its Q1 2023 output figures, also showing an incredible increase from last year’s reports. The company’s production increased by 54.4% from 24,358 ounces in Q1 2022 to 37,619 ounces in the first quarter of 2023. “This was the best Q1 performance for the Eagle Gold Mine since operations commenced with strong gold production and ore tonnage stacked on the heap leach pad,” John McConnell, Victoria Gold’s president and CEO, explained. 

Another major player in the gold mining industry, Aris Mining, recently began an exploration program at its Segovia Operations in Columbia to increase outputs. Similarly, Conroy Gold and Natural Resources started a drilling program earlier this year at its Clay Lake target in Ireland to uncover more gold reserve potential. 

Gold demand levels continue soaring across industries as we progress through 2023, so major miners like Lundin Gold are ramping up operations to capitalize on the opportunity. The gold industry is hotter than ever as we enter quarter two of 2023. As always, investors should consult their financial advisors before making any portfolio decisions.

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