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Lundin Gold has negotiated a deal with Newmont to buy out the remaining stream credit facility and offtake agreement for its 100% owned Fruta del Norte mine in Ecuador, relieving the company of its debt obligations to the world’s biggest gold miner.
The Newmont stream facility was repayable in variable monthly instalments equivalent to the value of 7.75% of gold production from Fruta del Norte less $408/oz. and 100% of the silver production less $4.08/oz., up to a maximum of 350,000 oz. of gold and 6 million oz. of silver. Meanwhile, the original offtake provided Newmont the option to purchase 50% of Fruta del Norte’s gold production, up to a maximum of 2.5 million oz., at a price based on a defined quotational period.
The stream facility and offtake agreements were established in 2017 as part of a project financing package from Newmont of up to $450 million to fund the development of Fruta del Norte. With the funding in hand, Lundin kicked off mine construction that year, and two years later, it poured first gold.
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