The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Investing

Equinox Gold Opens 400,000 Ounce Greenstone Mine in Ontario

by admin August 31, 2024
August 31, 2024
Equinox Gold Opens 400,000 Ounce Greenstone Mine in Ontario

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.

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
Hydrogen Stocks: 9 Biggest Companies in 2024
next post
Coniagas Battery Metals Holds First Closing of Private Placement

Related Posts

Regulator: New York Taking Strong Steps in Bid...

May 21, 2025

HMW Project Update

July 12, 2024

1844 Announces Addition of Mr. Andre Gauthier to...

August 28, 2024

Crypto Market Recap: FTX Starts Debt Repayment, Coinbase...

February 21, 2025

NVIDIA Rallies After Strong Q1, AI Demand Outshines...

May 31, 2025

Quimbaya Gold: Unlocking High-grade Gold Potential in Antioquia,...

January 18, 2025

Lithium Universe Secures Quebec Prime Industrial Land for...

February 22, 2024

Potash Fertilizers: What’s the Difference Between SOP and...

January 24, 2025

Top 5 Gold Stocks on the TSX in...

April 11, 2024

Holding(s) in Company

November 16, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,432)
    • Investing (3,523)
    • Politics (4,756)
    • World (4,659)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved