Toronto-listed Equinox Gold has announced the beginning of the commercial production at its Greenstone mine in Ontario, Canada.
The project was commissioned in July with the first pouring of 1,800 ounces of gold. Earlier, Equinox has completed its previously announced acquisition of the remaining 40% of the mine from Orion Mine Finance Management and became its sole owner.
According to the company, the mine is now progressing toward steady production after overcoming multiple challenges during its construction and commissioning phase.
“With the Greenstone Mine continuing to ramp up and generating positive operating cash flow, we are pleased to announce commercial production at our newest and largest gold mine. This milestone marks the culmination of three years of construction and commissioning,” said the company’s president and CEO Greg Smith.
Meanwhile, in the third quarter of 2024 Equinox reported record high production and revenue thanks to the strong performance of its Greenstone Mine and favourable gold prices. Its revenue amounted to $428.4 million, while adjusted EBITDA was $141.9 million.
The ongoing ramp-up at Greenstone has led to updated production guidance, with expectations to produce between 590,000 to 675,000 ounces for the year. 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.
Theodor Lisovoy, Managing Editor, Rough&Polished
