South Africa’s top gold miner names Nel new CEO amid copper pivot
Harmony Gold appointed Beyers Nel as chief executive officer.
Equinox Gold (TSX: EQX; NYSE: EQX) produced a record amount of gold – 602,100 oz. – in 2021, meeting guidance and delivering 26% more ounces than in 2020. All-in sustaining costs are also expected to be within guidance of $1,300 to $1,375 per oz. sold.
The largest producer in the company’s portfolio is the Los Filos mine (144,100 oz.) in Mexico. The community blockades at the mine were resolved in early August, giving the mine five uninterrupted months to not only catch up but to exceed production guidance.
The second and third largest mines were Mesquite (137,500 oz.) in California, which edged out Aurizona (135,000 oz.) in Brazil.
Equinox has several smaller producers: Fazenda (60,400 oz.) and Riacho dos Machados (58,800 oz.), both of which are in Brazil.
Output from the Mercedes mine (31,800 oz.) in Mexico, included only production following the acquisition of Premier Gold, which closed in April 2021. Mercedes is to be sold to Bear Creek Mining (TSXV: BCM).
The Castle Mountain mine in California produced 25,300 oz. of gold, and before it was sold to a private Canadian company, the Pilar mine produced 9,344 oz. in the first four months of 2021.
The acquisition of Premier Gold in April gave Equinox 60% ownership of the Greenstone project in northern Ontario (with 40% partner Orion Mine Finance Group).
Equinox officially began construction on the C$1.5 billion gold mine in October, and it could be one of Canada’s largest gold mines, producing 400,000 oz. annually. The first gold pour is targeted for the first half of 2024.
Equinox released its inaugural ESG report last year, noting a 17% better safety record and 60% better environmental performance than a year earlier.
(This article first appeared in the Canadian Mining Journal)
