Canadian gold miner secures $400M for Ecuadorian project

Photo: Lundin Gold

Canadian miner Lundin Gold has obtained $400 million in private equity financing which is to be used to fund the company’s Fruta del Norte gold project in Ecuador.

Subscribers to the private placement include Newcrest Mining Lim-ited, Orion Mine Finance Group, Zebra Holdings and Investments S.à.r.l., and Lorito Holdings S.à.r.l., the miner said in a statement.

"Newcrest has extensive experience building gold mines and bringing them into production. As our strategic partner, their knowledge and expertise will be valuable as we develop Fruta del Norte into a large, high-grade gold mine," said Ron Hochstein, the president and CEO of Lundin Gold.

First production at Fruta del Norte is to be launched by the end of 2019. The company says the Ecuadorian investment is one of the highest-grade and largest gold projects currently under construction.