Equinox puts Greenstone gold development on time, on budget

Equinox Gold’s (TSX:EQX)  latest update on the company’s Greenstone project in Ontario, claims the project is being developed as a 60:40 partnership, respectively, by Equinox Gold and Orion Mine Finance Group. The mine is projected to be one of the largest gold mines in Canada, producing more than 400,000 oz. of gold annually for the first five years and more than 5.0 million oz. of gold over its initial 14-year mine life. 

Equinox says Greenstone is over 66% complete and on schedule to pour gold in the first half of 2024. As well, the project is reported to have remained on budget. Seventy one per cent of total capital costs has been contracted and $680 million (55% of the $1.23 billion construction budget) has been spent. Inflationary pressures have been mitigated through offsetting savings opportunities or absorbed through the $177 million contingency included in the construction budget.

So far, locations on site such as the Ministry of Transportation (MTO) patrol yard, the Goldfield Creek diversion, and the permanent effluent water treatment plant have already been completed. The first four bays of the truck shop are complete and in use and the 14-km natural gas pipeline is complete and ready for commissioning in second quarter of 2023.

Pre-production mining commenced ahead of schedule, Equinox says. The first four haul trucks and the first shovel were commissioned during the third quarter of 2022 and mine pre-production activities got underway in September, ahead of schedule, with more than 2.5 million tonnes of material (ore, waste and overburden) excavated to year-end 2022.

"With key equipment on site or enroute, building infrastructure is essentially complete and most buildings enclosed and heated, the construction effort is shifting to interior mechanical, electrical and piping installation during the winter months. Detailed commissioning and operation readiness planning is well underway to prepare for first gold pour in the first half of 2024," said Greg Smith, president & CEO of Equinox Gold.

For more information, visit www.EquinoxGold.com.