Equinox Gold Releases Construction Update on Its Greenstone Project in Ontario, Canada
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Equinox Gold has released an update on construction progress at its Greenstone Project in Ontario, Canada.
The Greenstone Project is being developed as a 60/40 partnership by Equinox Gold and Orion Mine Finance Group and will be one of the largest gold mines in Canada. It will produce more than 400,000 ounces of gold annually for the first five years and more than five million ounces of gold over its initial 14-year mine life.
“The Greenstone Project is now more than two-thirds complete and remains on budget and on schedule. With key equipment on site or enroute, building infrastructure essentially complete and most buildings enclosed and heated, the construction effort is shifting to interior mechanical, electrical and piping installation during the winter months,” said Greg Smith, president and CEO of Equinox Gold.
“Detailed commissioning and operation readiness planning is well underway to prepare for first gold pour in the first half of 2024,” added Smith.
RECENT HIGHLIGHTS
• On schedule: The Greenstone Project is over 66 percent complete and on schedule to pour gold in the first half of 2024.
• On budget: The Greenstone Project remains on budget. At December 31, 2022, 71 percent of total capital costs had been contracted and $680 million (55 percent) of the $1.23 billion construction budget had been spent (100 percent basis). Inflationary pressures have been mitigated through offsetting savings opportunities or absorbed through the $177 million contingency included in the construction budget.
• Facilities completed: The construction team has completed the Ministry of Transportation (MTO) Patrol Yard, the Goldfield Creek diversion and the permanent effluent water treatment plant. The first four bays of the truck shop are complete and in use. The 14-km natural gas pipeline is complete and ready for commissioning in Q2 2023.
• Equipment delivery continues to support the construction schedule, with key equipment on site or enroute.
• Pre-production mining commenced ahead of schedule: The first four mining haul trucks and the first shovel were commissioned during Q3 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) mined to year-end 2022.
About Equinox Gold
Equinox Gold is a growth-focused mining company with seven gold mines and a clear plan to increase production by advancing a pipeline of growth projects. The company is delivering on its growth and diversification strategy, rapidly growing from a single-asset developer to a multi-mine producer, and is advancing toward its vision of producing one million ounces of gold annually.
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