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(Kitco News) - Lundin Gold CEO Ron Hochstein was awarded Kitco's Mining CEO Of The Year 2022 in the operating category.
At PDAC 2023 Hochstein sat for an interview with correspondent Paul Harris. Hochstein was surprised with the trophy at the end of the interview.
Upon receiving the award, Hochstein called it "humbling" and dedicated the award to the late Lukas Lundin and the team on site. Hochstein said that Lukas Lundin was a driving force behind the formation of the company.
Lundin Gold (TSX:LUG), headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world.
In 2022 the company produced 476,329 ounces of gold at a low cash operating cost of $671
per oz sold and all-in sustaining cost of $805 per oz sold.
"There are very few businesses that are generating the cash flow yields that we are generating because Fruta del Norte is such an amazing asset," said Hochstein. "There's very few companies that have the cash flow yield that Lundin Gold has. Fruta Del Norte turned out better than we thought."
Lundin Gold has been paying down debt quickly. Hochstein said reduced debt will give the company more flexibility, such as buying back its stream or increasing its dividend.
"It's just really cleaning up the balance sheet. It gives the company more flexibility and the opportunity to return more to shareholders."
Winner of Kitco Mining CEO Of The Year 2022 in the non-operating category was Filo Mining CEO Jamie Beck. Filo is majority owned by the Lundin Family Trust.
Coverage of PDAC 2023 sponsored by Uranium Energy and GoldMining.
