Gold price ahead of the Thanksgiving weekend
During this period, gold is usually just before forming a short-term top and starting the biggest decline within the final quarter of the year.
Equinox Gold (TSX: EQX; NYSE: EQX) says the construction at the Greenstone gold project near Geraldton, Ontario, is on time and on budget. The project, 60% owned by Equinox and 40% by Orion Mine Finance, will be one of Canada’s largest gold projects, producing more than 5.0 million oz. of gold over its initial 14-year mine life.
The first gold will be poured in the first half of next year.
The total pre-production capex is C$1.23 billion. At the half-way point of 2023, C$937 million of the budget (on a 100% basis) had been spent. Equinox expects to contribute about C$170 million more as its share to fund the project to completion.
Many of the facilities have been completed and the operating team has assumed responsibility for the water treatment plant, truck shop, warehouse, sewage treatment plant, potable water plant, pit and plant site fuel station, reagent storage, and onsite explosives plant. The new provincial Ministry of Transportation patrol yard is complete and the old one has been dismantled. Finally, the natural gas pipeline to the site is operational.
Mechanical installations are 75% complete, and the electrical and piping work are both 67% complete. The power plant is being commissioned. Relocation of Hwy 11 is substantially complete and ahead of schedule with handover planned for the third quarter this year. Yet to be completed are the mill and tailings management facility.
“The Greenstone project continues to advance on budget and on schedule. With most ancillary facilities complete and transferred to the operations team and construction activities 83% complete, our focus is shifting toward commissioning and operational readiness as we advance to construction completion and first gold pour in the first half of 2024, and then achieving commercial production,” Equinox CEO Greg Smith said in a press release.
