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(Kitco News) - Lundin Gold (TSX: LUG) (OTCQX: LUGDF) yesterday reported Q2 2023 gold production of 129,731 ounces from its Fruta del Norte gold mine in southeast Ecuador, up 16% from Q2 2022 (111,890 ounces).
Gold sales in Q2 2023 totalled 128,958 ounces versus 96,291 ounces sold in the same period last year.
The company said that in Q2 2023, the mill processed 418,373 tonnes resulting in an average throughput rate of 4,598 tonnes per day at an average grade of 11.0 grams per tonne with recoveries of 88.0%.
In a press release, Lundin Gold noted that higher than expected grade and mill throughput in the second quarter have offset lower recoveries, which were caused by changes in ore type and oxidation impacts on the coarse ore stockpile.
President and CEO Ron Hochstein commented, "In the first half of 2023, mill performance has been excellent resulting in the achievement of an average throughput rate of 4,479 tonnes per day. Although we expect recoveries to be impacted in the third quarter, we continue to optimize operations and believe we can build on the successes achieved in the first half of the year.
“As a result, we will be reviewing our 2023 guidance and will provide an update as part of our second quarter financial results in a few weeks' time."
Lundin Gold, 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.
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