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Gold November 15, 2019 03:30:27 PM

Lundin Granted Key Permits for Fruta del Norte Gold Project in Ecuador

Paul Ploumis
ScrapMonster Author
Lundin Gold had purchased the Fruta del Norte gold deposit in 2014 from Kinross Gold for $240 million.

Lundin Granted Key Permits for Fruta del Norte Gold Project in Ecuador

SEATTLE (Scrap Monster): The Canadian miner Lundin Gold announced that it received two key permits, which will help the company move forward with its production plans at Fruta del Norte gold project in Ecuador.

According to Lundin press release, La Secretaría Nacional del Agua (SENAGUA) granted Industrial Water Permit and Administrative Act for its massive gold project in Ecuador. The permits were required to move Fruta del Norte into production. Accordingly, Lundin expects to pour its first gold before the end of the current year, as planned. The commercial production is expected to start in Q2 2020.

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Lundin Gold had purchased the Fruta del Norte gold deposit in 2014 from Kinross Gold for $240 million. After completion of feasibility study and signing of agreement with the Ecuadorian government, Lundin had begun construction works in mid-2017. The underground gold and silver mine located in Southeast Ecuador is believed to have probable reserves of 5.02 million ounces of gold and is considered as one of the world’s largest gold projects under construction.

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