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October 28, 2021

Equinox Gold breaks ground at Greenstone gold mine

Equinox Gold has begun full scale construction at its $1.23bn Greenstone gold mine project in Ontario Canada.

By Zachary Skidmore

Canadian miner Equinox Gold has broken ground at its $1.23bn Greenstone gold mine project in Ontario, Canada. The project is slated to become one of the country’s largest gold mines, expected to produce more than 400,000 ounces of gold a year for the first five years of its initial 14-year life, with a life of mine average production level of 360,000oz/y.

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The project is a joint venture between Equinox Gold and Orion Mine Finance, at a 60/40 split. It will be financed with an initial capital of $1.23bn, including $125m for the mining fleet, of which approximately $100m could be leased to reduce the upfront cash spend.

Early works have been underway since March 2021. The project timeline contemplates approximately two years of construction and six months of commissioning, with mining expected to commence in Q4 2022 and the first gold pour targeted for H1 2024.

Christian Milau, CEO of Equinox Gold, stated: “Greenstone Mine is located in one of the world’s best mining jurisdictions and will be a top-tier mine, producing more than 400,000 ounces of gold per year at all-in-sustaining costs in the lowest quartile of the industry. Greenstone Mine will be a cornerstone asset for Equinox Gold and a transformative project for Northern Ontario.”

The mine will provide 800 local and 1,300 regional jobs during construction, as well as 500 jobs during operations, plus numerous opportunities for indirect and support businesses in the region.

Equinox said the asset also offers expansion potential from underground and near-mine deposits.

“Equinox Gold continues to focus on its strategy of sector-leading growth, launching Greenstone Mine development as construction at our Santa Luz mine in Brazil is nearing completion,” CEO Christian Milau said in the statement.

 

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Free Report
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Mining companies make accelerated moves towards net zero carbon emissions

Over the last two to three years, considerable progress has been made by mining companies in terms of setting emission reduction targets and net zero goals and, more recently, outlining their decarbonization pathways. While the target year for net zero for most has remained at 2050, mining companies are becoming increasingly ambitious with their targets for short-term scope 1 and 2 emissions reductions targets. To give a full view of this area of the mining industry, GlobalData is offering you a free whitepaper, which offers a detailed analysis around the following topics:
  • Compares the operational decarbonization progress to date for leading mining companies
  • Benchmarks the targets for reducing scope 1 and 2 emissions, and net zero carbon emissions
  • Benchmarks the current share of renewables in leading miners’ electricity consumption
Read this report to best position your company in line with these environmental targets.
by GlobalData
Enter your details here to receive your free Report.

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