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Gold February 25, 2021 05:45:18 PM

Lundin Gold Posted Outstanding First Year of Commercial Production

Paul Ploumis
ScrapMonster Author
The gold production for the quarter comprised of 56,900 oz of concentrate and 39,930 oz of dore.

Lundin Gold Posted Outstanding First Year of Commercial Production

SEATTLE (Scrap Monster): Lundin Gold Inc. reported results for the fourth quarter and year ended December 31, 2020.

The Vancouver, B.C.-based miner produced 96,830 oz of gold during the quarter at an all-in sustaining cost (AISC) of $747 per oz. Also, the full-year 2020 production totalled 242,400 oz at an AISC of $773 per oz. The gold sales for the entire previous year stood at 234,464 oz. The cash flow from operations totalled $95.0 million in the fourth quarter and $113.6 million in 2020.

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The gold production for the quarter comprised of 56,900 oz of concentrate and 39,930 oz of dore. Meantime, the 2020 gold output comprised of 133,153 oz of concentrate and 69,677 oz of dore, said the company press release.

The income from mining operations was $94.9 million in Q4 and $172.4 million during the 2020 operating period. Net loss after tax in the fourth quarter was $1.2 million. During the entire year, the company recorded net loss of $47.2 million. The adjusted earnings for Q4 and full-year 2020 were $76.2 million and $105.9 million respectively.

Ron Hochstein, President and CEO stated that the company performed remarkably well during its first year of commercial production, despite the challenges faced due to the ongoing Covid-19 pandemic. The momentum is expected to continue through 2021, he added.

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