Lundin Gold Announced 2023 Guidance and Gold Production Outlook

SEATTLE (Scrap Monster): Lundin Gold Inc. announced its guidance for 2023 and gold production outlook for the next three years. The company anticipates continued growth in gold production from Fruta del Norte.

The company estimates the 2023 gold production at Fruta del Norte to range between 425,000 ounces and 475,000 ounces. The cash operating costs for the year is projected at around $700 to $760 per ounce gold sold, whereas the all-in sustaining costs are likely to range between $870 and $940 per ounce gold sold. Also, Lundin Gold expects the total sustaining capital in 2023 at around $45 to $55 million.

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The gold production in 2024 and 2025 are estimated at 450,000-500,000 ounces and 465,000-515,000 ounces respectively. The AISC of $780-$850 per ounce in 2024 is expected to witness marginal increase to $800-$870 per ounce in 2025. The sustaining capital, which is likely to see a reduction to $25-$35 million in 2024, is expected to rebound to $45-$55 million levels in the year following it.

Ron Hochstein, President and CEO, Lundin Gold commented that the completion of South Ventilation Raise will boost the mining rate to 4,400 tonnes per day. The company looks forward to generate strong cash flow in the years to come, with production well exceeding 400,000 ounces, he added.