Canadian miner Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) announced today the official opening of its Greenstone mine in Geraldton, Ontario, which will be one of Canada’s largest gold mines when it reaches full capacity.
The Greenstone mine began construction in October 2021, with first gold poured on May 22, 2024. Equinox Gold’s acquisition of Orion Mine Finance’s 40 percent interest in Greenstone that month gave the company full ownership of the mine.
Greenstone is currently in its ramp-up phase, with commercial production expected to commence in the third quarter of 2024.
In recent months, the mine has achieved significant production milestones, pouring approximately 2,625 ounces of gold in May, 13,625 ounces in June and 19,750 ounces in July. Furthermore, the mine’s processing facility has reached over 60 percent of its design capacity as of August.
In total, Greenstone is set to produce 400,000 ounces of gold annually for its first five years, with a projected life-of-mine production of over 5 million ounces.
The operation includes a 27,000 metric tons per day processing facility, with gold recoveries anticipated to average 91 percent. The mine, which operates with a life-of-mine strip ratio of 5.1:1, also benefits from Ontario being a favorable mining jurisdiction.
At the time, the Greenstone project was only at 96 percent completion. The commissioning of the mine furthers Beaty and the company’s goal of capitalizing on the gold sector’s strong fundamentals in recent years. The company operates seven other gold mines in the Americas, which combined for production of 543,000 ounces of gold in 2023.
The Greenstone mine is located on the traditional territories of four First Nations: the Animbiigoo Zaagi’igan Anishinaabek, the Aroland First Nation, the Ginoogaming First Nation and the Long Lake #58 First Nation. It is also home to the citizens of the Métis Nation of Ontario.
Equinox Gold has established long-term partnerships and agreements with the five First Nations, including ones that address environmental management, the use of traditional knowledge and heritage resources, employment and other key areas of collaboration.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
