JOHANNESBURG (miningweekly.com) – The government of Ecuador has approved the environmental-impact statement (EIS) for TSX- and Nasdaq Stockholm-listed Lundin Gold’s Fruta del Norte project.
“This is a significant accomplishment for the company and the development of Fruta del Norte. The next and final step in the environmental approval process, paving the way for proceeding with the development of the project, is the granting of the environmental licence, a procedural process expected to be completed over the next few weeks.
“The approval of the EIS demonstrates the commitment of the government of Ecuador to move Fruta del Norte towards construction and eventual production,” commented Lundin Gold president and CEO Ron Hochstein.
According to Lundin Gold’s website, construction on Fruta del Norte is expected to start in mid-2017, with the project to cost about $669-million to develop.
The project is expected to produce about 4.4-million ounces of gold and 5.2-million ounces of silver over an initial 13-year mine life.