Equinox misses guidance in ‘challenging’ 2022
Dual-listed Equinox Gold has missed its production guidance for 2022, with CEO Greg Smith describing the year as “overall challenging”, citing inflationary cost pressures and underperformance at some of its mines.
The miner produced 532 319 oz of gold in the full year, explaining that output was below the lower-end of its 550 000 oz to 615 000 oz guidance owing to operational challenges at Los Filos and Aurizona that continued to affect production in the fourth quarter.
Production was also affected by lower-than-expected recoveries at Santa Luz, including during the fourth quarter.
The fourth quarter was Equinox’s strongest production quarter, with output of 150 439 oz of gold.
While 2022 was overall challenging, Smith said that it was also a year of substantial progress.
“The Greenstone team continued to advance construction of the mine on budget and on track to pour gold in the first half of 2024.
“We achieved commercial production at our new Santa Luz mine, in Brazil, commenced permitting for the Castle Mountain Phase 2 expansion, advanced the feasibility study and permitting for development of the Aurizona underground deposit, and demonstrated the potential for a significant expansion at Los Filos,” he said.
Equinox ended the year with about $200-million in cash and an additional $127-million available to draw on its revolving credit facility, plus another $100-million with the accordion feature, as well as equity investments with a market value of $275-million.
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