In a significant development, Canadian miner Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) has officially opened its Greenstone mine in Geraldton, Ontario. This mine is poised to become one of Canada’s largest gold mines once it reaches full capacity.
Construction on the Greenstone mine began in October 2021, with the first gold pour taking place on May 22, 2024. Equinox Gold solidified its ownership of the mine by acquiring Orion Mine Finance’s 40 percent stake in Greenstone that same month.
Currently in the ramp-up phase, Greenstone is on track to achieve commercial production in the third quarter of 2024. Recent months have seen the mine make significant production strides, with 2,625 ounces of gold poured in May, 13,625 ounces in June, and 19,750 ounces in July. Additionally, the mine’s processing facility has reached over 60 percent of its design capacity as of August.
The Greenstone mine is projected to produce 400,000 ounces of gold annually for its first five years, with a total estimated production of over 5 million ounces over its lifespan. The operation boasts a 27,000 metric tons per day processing facility, with an expected average gold recovery rate of 91 percent. Positioned in Ontario, a favorable mining jurisdiction, the mine operates with a life-of-mine strip ratio of 5.1:1.
During a fireside chat with Investing News Network’s Charlotte McLeod at the Vancouver Resource Investment Conference (VRIC) in January, company Chairman Ross Beaty outlined plans to elevate Equinox Gold from an intermediate producer to a senior producer, targeting an annual gold production of over 1 million ounces. At the time of the chat, the Greenstone project was at 96 percent completion. The commissioning of the mine aligns with Beaty’s and the company’s vision to capitalize on the robust fundamentals of the gold sector in recent years. Equinox Gold also operates seven other gold mines in the Americas, collectively producing 543,000 ounces of gold in 2023.
Located on the traditional territories of four First Nations and the Métis Nation of Ontario, the Greenstone mine has established enduring partnerships and agreements with these indigenous communities. These partnerships cover environmental management, traditional knowledge utilization, heritage resources, employment opportunities, and other significant areas of collaboration.
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*Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.*
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Don’t forget to check out the article about the Greenstone mine opening. With Equinox Gold making such strides, it’s clear why the future of gold mining in Canada looks promising.
