Equinox targets one-third production jump this year

22nd February 2024 By: Creamer Media Reporter

Canada-based gold miner Equinox Gold has finished 2023 strongly, not only achieving its gold guidance, but also setting out plans for a big step up in output this year.

Equinox, which has seven operating gold mines in the US, Mexico and Brazil, has set its guidance for 2024 at between 660 000 oz and 750 000 oz.

This compares with 2023’s output of 564 458 oz of gold at an all-in sustaining cost of $1 622/oz.

The company is set to start production from a new mine this year, with the 60%-owned Greenstone project, in Canada, nearing completion.

“After 2.5 years, construction was substantially complete at year-end, which is a huge accomplishment for the team. The focus at Greenstone has shifted now to hot commissioning and operations ramp-up, with first gold on schedule for the first half of 2024,” president and CEO Greg Smith said on Wednesday.

Once fully operational, the Greenstone mine will produce 400 000 oz/y.

Equinox reported net income of C$28.9-million, or C$0.09 a share, compared with a net loss of C$106-million, or C$0.35 a share, a year earlier.

Adjusted net income was C$21.7-million, or C$0.07 a share, compared with an adjusted loss of C$91.5-million, or a loss of C$0.30 a share.