The Canada-based mining company Equinox Gold has commissioned its Greenstone gold mine in Ontario, having recently acquired full ownership of the project.
The inaugural gold pour occurred on schedule, with the recovery circuit yielding 1,800 oz of gold.
Equinox has completed its previously announced acquisition of the remaining 40% of the mine from Orion Mine Finance Management and became its sole owner. The company completed the previously announced US$500 million three-year term loan for this purpose. It was reported that Australia’s Gold Road Resources was also seeking a 40% stake in the project but did not succeed.
The flagship Greenstone mine is expected to produce approximately 400,000 ounces of gold per year over the initial five years of operation, and around 360,000 ounces per year throughout its initial 14-year mine life.
“This first gold pour represents another key step towards achieving commercial production at the Greenstone mine. We look forward to ramping up to commercial production in the third quarter of this year,” said Equinox president and CEO Greg Smith.
In the first quarter of 2024, the company produced 111,725 ounces of gold at its active mines.
Theodor Lisovoy, Editor in Chief, Rough&Polished
