Lundin Gold Mine Produced 51,320 Ounces of Gold

SEATTLE (Scrap Monster):  Vancouver-based Lundin Gold Inc. announced results for the first quarter of the year ended March 31, 2020.

The gold mine production totalled 51,320 ounces. Out of this, 37,568 ounces were produced as concentrate and 13,752 oz were produced in the form of dore. It processed 244,000 tonnes of ore at an average daily rate of 3,018 tonnes per day. Lundin Gold sold 59,317 oz of gold at an average price of $1,564 per oz.

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According to news release, the company generated sales of $89.3 million and recognized revenues of $36.9 million in March 2020. The operating expenses and royalty expenses totalled $18.1 million and $2.1 million during the month. The All-in sustaining cost (AISC) for the month was $908 per oz. It ended the quarter with $57.5 million in cash and $39.6 million in working capital.

Incidentally, Lundin Gold has temporarily suspended production activities effective March 22, 2020 at the Fruta del Norte Mine in Ecuador. Covid-19 pandemic has resulted in temporary halt of all exploration activities as well.

Ron Hochstein, President and CEO, Lundin Gold stated that a team of employees has been designated at the mine to mitigate the impacts due to suspension of mine operations. The company has partnered with the provincial and local health authorities in providing assistance to local communities, he added.