Lundin Gold maintains annual output guidance for Ecuador mine despite Q3 decline

Canada's Lundin Gold produced 112,212oz of gold in Q3 at its Fruta del Norte mine in Ecuador, a year-on-year contraction of 7.75%.

For the full year, the company maintained the 450,000-485,000oz guidance.

"Our third quarter results put Lundin Gold firmly on track to meet its 2023 production guidance," CEO Ron Hochstein said in a statement.

Hochstein said an increase in mill throughput partially offset lower recoveries causing the year-on-year decline in production.

The company will continue to focus on improving recoveries through several initiatives and expects improvements in the coming quarters, he said.

Fruta del Norte is located in the Amazonian province of Zamora Chinchipe, in the country's southeast.