After years of labour, Equinox Gold Corp (TSE: EQX) (NYSEAMERICAN: EQX) is celebrating the start of commercial production at Ontario’s Greenstone Mine.
The international gold producer announced the achievement on Wednesday. It will produce 390,000 gold ounces per annum during its first five years. The operation is expected to have a 15-year mine life.
“We are pleased to announce commercial production at our newest and largest gold mine,” chief executive Greg Smith said in a press release.
Equinox held a grand opening ceremony at the site in late August. Greenstone’s first gold was poured into doré bars a couple of months earlier.
A team from the company completed a fundraiser cycling trip from Vancouver to the Ontario mine site in August to celebrate these two milestones. Participants in the “Ride to Greenstone” brought a C$1.3-million-dollar cheque with them that they presented to the local Geraldton District Hospital upon arrival.
In Q3 results, Equinox reported its best-ever third-quarter gold production at 173,983 ounces.
As of Sept. 30, the company had net debt totalling C$1.3 billion and a cash balance of C$167.8 million.
$EQX is in the 'hot mess' category; flat since May, while #gold is up $300+ over the same time frame. pic.twitter.com/c6eu8svE72
— CEO Technician (@CEOTechnician) November 6, 2024
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Equinox chairman to receive Northern Miner’s ‘Lifetime Achievement Award’
A renowned mining publication has recognized Ross Beaty for his contributions to the mining industry. Beaty is a geologist with over five decades of experience. He is known for founding Pan American Silver Corp (TSE: PAAS) and contributing to an assortment of North American mining organizations.
Beaty will officially receive the Northern Miner’s Lifetime Achievement Award in London, England on Dec. 2.
“Well deserved,” Americas Gold and Silver Corporation (TSE: USA) health and safety manager, Dennis Wilson, commented on social media.
Beaty was inducted into the Canadian Mining Hall of Fame for his achievements in 2018.
He won the Northern Miner’s “Person of the Year” award in 2011 and obtained a similar trophy from the Mining Association of British Columbia in 2008.
rowan@mugglehead.com
