Lundin Gold’s Fruta del Norte (FDN) gold deposit in Ecuador is one of the few multi-million ounce, high-grade gold assets in production. The company just recently achieved commercial production in February 2020 ahead of schedule. In this show recorded at PDAC 2020, Lundin Gold CEO Ron Hochstein shares why Lundin Gold purchased FDN in 2014 and why they saw opportunity in Ecuador. Ron discusses his company’s experience raising $1 billion of capex and working in Ecuador to develop FDN over 5 years. Ron answers several concerns some investors have voiced concerning Ecuador as a mining jurisdiction.
In the second half of this show, Elisa Moran, an advisor to the Ministry of Energy and Non-renewable Natural Resources in Ecuador, provides an overview of the Ecuadorian mining laws and regulations. Elisa also address investor questions about Ecuador and discusses the need to engage the local communities.
Ron Hochstein:
0:15 Introduction
3:05 Background on Fruta del Norte (FDN)
5:45 Lundin Gold’s discussions with Ecuador before buying FDN
8:02 Will positive changes in Ecuador be sustained?
10:06 What jurisdictional objections came up while raising $1B capex?
11:46 Must have good, local community support
12:51 Lundin Gold trades at a premium to peers outside of Ecuador
14:00 Need a state-backed miner to push forward Ecuador projects?
15:40 Final advice to miners operating in Ecuador
Elisa Moran:
17:18 Introduction
18:04 Overview of Ecuadorian mining laws & regulations
21:12 Any Wood Mackenzie suggestions still to be implemented?
22:26 Will positive changes in Ecuador be sustained?
24:27 Local community engagement is important
27:09 Local community’s involvement in exploration permits?
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