Newcrest Mining has entered into agreements with Lundin Gold to invest $250 million in Lundin to acquire a 27.1% interest in the company and, separately, to farm-in to a selection of Lundin’s exploration concessions in Ecuador.
Lundin Gold is building the Fruta del Norte gold mine in southeast Ecuador, where the company is targeting first production by the end of 2019. Fruta del Norte is one of the largest and highest-grade developing gold projects in the world, with gold production forecast to exceed 300,000 ounces per year (oz/y) for more than 15 years at average all-in sustaining cash costs of $609/oz.
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