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Equinox Gold’s (TSX: EQX) (NYSE American: EQX) Greenstone mine has officially reached commercial production following the operating progress it achieved through October, the Canadian miner announced this week.
The mine located near Geraldton, Ontario, opened late August, about three months after pouring its first gold on schedule.
“This milestone marks the culmination of three years of construction and commissioning, accomplished during the challenges of a global pandemic, supply chain disruptions and inflationary pressures,” Equinox CEO Greg Smith said in a Nov. 6 news release.
At full production, Greenstone will be one of Canada’s largest and highest-grade open-pit gold mines, producing on average 390,000 oz. of gold per year for the first five years and 330,000 oz. of gold annually for an initial 15-year mine life.
Initially, Greenstone’s 2024 gold production was forecasted at 175,000-205,000 oz., with Equinox targeting 90% of the 27,000 tonne-per-day plant capacity by year-end.
However, during the third quarter, the mine had been processing ore at only 53% of the design throughput (14,3000 t/d) due to three multi-day shutdowns to address issues identified in the ramp-up process. The resulting quarterly production came to 42,400 oz. of gold at an average recovery rate of 79% and a cash cost of $930/oz.
With production falling behind, the company last month adjusted Greenstone’s 2024 gold production guidance to 110,000-130,000 oz., representing a near 37% decrease. In the fourth quarter, Equinox intends to continue the ramp-up of both mining rates and plant throughput towards design capacity.
Throughput steadily increased through October and, as of Nov. 5, the trailing 20-day throughput averaged over 20,400 t/d, representing 76% of design, the miner said.
Across all eight of its operations, Equinox reported that gold production for the latest quarter was 173,983 oz., which was its best Q3 ever. This also helped to generate all-time highs in quarterly revenue and adjusted EBITDA, at $428.4 million and $141.9 million, respectively.
For the whole year, the company is anticipating consolidated gold production to be between 590,000 and 675,000 oz., with the fourth quarter expected to be its strongest three-month period.
By 11:00 a.m. ET Thursday, shares of Equinox Gold rose 4.4% to C$7.57 apiece, within a 52-week range of C$5.36-C$8.79. The company’s market capitalization stands at C$3.2 billion ($2.3bn).
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