H2 to be catalyst-rich, says Equinox CEO
The second half of 2021 would be catalyst-rich for Canadian miner Equinox Gold, CEO Christian Milau said on Wednesday, with full-scale construction of the Greenstone project, in Ontario, set to get under way.
Equinox acquired a 50% interest in the construction-ready Greenstone project (formerly known as Hardrock) earlier this year when it bought Premier Gold Mines. It has subsequently acquired an extra 10% of Greenstone and now owns 60%.
With more than 240 000 oz/y of production attributable to Equinox, Greenstone will be a cornerstone asset in the company’s portfolio. According to the 2020 technical report, a total of C$1.3-billion will be required for the mine.
Besides the expected start of construction at Greenstone, Milau reported that commissioning of Santa Luz, in Brazil, would start by year-end, paving the way to pour gold at the 110 000 oz/y mine in the first quarter of 2022.
The Aurizona underground and Los Filos expansion studies would also be completed in the second half, he stated.
“With a strong balance sheet and robust cash flows from seven producing mines, we remain focused on growth strategy toward one-million ounces of annual gold production,” said Milau.
The group is forecasting production of 560 000 oz to 625 000 oz at an all-in sustaining cost (AISC) of $1 300/oz to $1 375/oz this year. The guidance reflects improved performance in Brazil, as well as disruption to mining and development activities owing to the now-resolved blockades at Los Filos during the quarter.
In the second quarter, production was 122 656 oz of gold at an AISC of $1 382/oz.
The miner reported net income of $325.7-million, or $1.10 a share, and adjusted net income of $3.1-million, or $0.01 a share.
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