05:20 PM EDT, 06/27/2024 (MT Newswires) -- Lundin Gold Inc. ( LUGDF ) after trade Thursday said it closed the buy out of the stream credit facility and offtake agreement for its Fruta del Norte gold mine in Ecuador from Newmont ( NEM ) following the payment of the first tranche of the purchase price of US$180 million.

According to a statement, the second and final tranche of US$150 million is due on or before the end of the third quarter of 2024. It noted the Stream Facility and Offtake were the last two remaining facilities established as part of a project financing package to fund the development and construction of FDN.

Lundin shares closed up $0.24, or 1.2%, to $20.23 on the Toronto Stock Exchange, just shy of a 52 week high $20.82.