Fortuna on track to meet 2024 gold production guidance at Argentine mine

Canada’s Fortuna Mining reported 76% progress on the expansion of the Lindero leach pad in Argentina and increased gold production at the mine in Q3 by 16% compared to the same period last year. 

The company is on track to meet its goals for the year, Fortuna said in a release Thursday.

First ore on the expanded area will be placed this month and the US$51.8mn project is expected to be completed in the coming months, the Vancouver-based company said.

Fortuna indicated that only minor works will remain for next year and that of the total investment in the project at the open-pit Lindero mine in Salta province, US$41.7mn had been invested by end-September.

In the third quarter, Lindero produced 24,345oz of gold, with 22,569oz in doré bars, 1,754oz contained in rich fine carbon and 21oz in copper precipitate. The total was 6% higher than the previous quarter and up from 20,933oz in 3Q23.

The production increase was explained by the improved grade of ore leached, allowing Fortuna to ensure that it is on track to meet its annual guidance set for this year of 93,000-105,000oz, it said.

Last year, Lindero produced 101,238oz of gold and more than 6Mt of ore were treated in the leaching area. There are growth plans for the mine, which began operations in 2020 and has a life of another 10 years.

Fortuna's portfolio includes the Arizaro exploration project, 3.5km from Lindero. Drilling has been carried out in the area, identifying gold and copper mineralization.

The company is looking to find a possible extension of the mineralized zone with a focus on increasing production at the Lindero complex, it said in a recent presentation to investors.

Lindero is Fortuna's most important asset in Latin America, where it also controls the San José operation in Mexico and Caylloma in Peru.

Fortuna has allocated US$64mn this year to maintenance expenses at Lindero. 

The company also has mines in Burkina Faso and Ivory Coast.