Formerly known as Fortuna Silver Mines, the company who rebranded itself as Fortuna Mining in early July reported a production of 22,874 ounces of gold at the Lindero mine, located in Salta and operated by its local subsidiary Mansfield Minera SA, as part of its productive and operational results for the second quarter. The performance was similar to Q1, where production volume reached 23,262 ounces with an average gold grade of 0.61 g/t and 0.60 g/t respectively in each period.
By Panorama Minero
Performance of Lindero, Fortuna’s Main Gold Producer
During the second quarter, 1.8 million tonnes (Mt) of ore were mined with a stripping ratio of 0.7:1. A total of 1.4 Mt of ore was placed on the leach pad with an average gold grade of 0.61 g/t, containing approximately 27,663 ounces.
Gold production at Lindero for the quarter was 22,874 ounces, distributed as 19,786 ounces in doré bars, 979 ounces of gold in fine carbon, 27 ounces in copper precipitate, and 2,082 ounces in cement precipitate. The 2% decrease in production compared to the previous quarter is mainly due to a planned eight-day maintenance shutdown of the high-pressure grinding rolls (HPGR) and the agglomeration plant, along with a period of lower mechanical availability of the front-end loaders. According to the mine’s sequencing plan, higher-grade ore will be placed on the leach pad during the third quarter, expecting improved performance compared to Q2. Meanwhile, gold production at Lindero for the first six months of 2024 totaled 46,136 ounces.
Progress of the Leach Pad Expansion Project
As of the end of June, the leach pad expansion project, with an investment of US$51.8 million (of which US$41.7 million is capital investment in 2024), is approximately 58% complete. The construction package for the project began in January 2024, with contractors on-site carrying out earthworks, construction of the impulsion line, and liner deployment. Supply procurement is 96% complete, with critical items already on-site. The manufacturing of pumps for the new impulsion line is on schedule and expected to arrive in the coming days. "Liner installation has commenced, and contracts for the major mechanical works have been executed. The company now expects to start placing ore on the leach pad expansion in the fourth quarter of 2024," company explained in a statement.
Highlights of Fortuna's Global Performance in the Second Quarter
Gold equivalent production reached 116,570 ounces across all Fortuna’s operating mines, representing a 25% increase compared to the second quarter of 2023 (93,454 oz Au Eq) and a 4% increase compared to the first quarter of 2024 (112,543 oz Au Eq). Gold production was 92,716 ounces, a 44% increase over the second quarter of 2023 (64,348 oz Au) and a 3% increase compared to the first quarter of 2024 (89,678 oz Au).
Regarding silver, Fortuna produced 990,574 ounces, representing a 22% decrease compared to the second quarter of 2023 (1,262,561 oz Ag). Zinc and lead production was 13.0 million and 10.5 million pounds, respectively, implying a 7% decrease and a 3% increase over the second quarter of 2023.
Consolidated gold and silver production for the first six months of 2024 totaled 182,394 ounces and 2.1 Moz, respectively, or 229,113 gold equivalent ounces, including lead and zinc by-products.
"Fortuna reiterates its annual production guidance for 2024, projecting a range of 343 to 385 thousand ounces of gold and 4.0 to 4.7 Moz of silver, or between 457 and 497 thousand gold equivalent ounces, including lead and zinc by-products."
