Vancouver-based Lundin Gold projects it will produce between 405,000 ounces to 445,000 ounces of gold in 2022 at its Fruta del Norte mine in Ecuador.

This is based on an average throughput rate of 4,200 tonnes per day, with a headgrade estimated to average 9.79 g/t of gold. Average mill recovery for 2022 is estimated to be 89%.

In 2023, the company aims to produce between 390,000 ounces to 430,000 ounces, while in 2024 gold production guidance is between 400,000 ounces and 440,000 ounces of gold.

 All-in sustaining cost (AISC) is expected to increase next year due to a decrease in ore processed through the plant compared to 2021, a 7% increase in operating cost due to equipment maintenance and general inflation, and higher sustaining capital due to the planned construction of the third raise of the tailings dam.

Lundin Gold completed two raises of the tailings dam in 2021, while the third raise is expected to be larger. The South Ventilation raise will be completed by the end of the March quarter in 2022, and will cost US$6.2 million.

Lundin Gold plans 16,500 metres of drilling at the Barbasco and Puente-Princesa targets, located seven kilometres from Fruta del Norte.