Equinox pursues US listing, initial construction work starts at California mine
TSX-V-listed Equinox Gold is preparing for a dual listing on a US stock exchange, the gold miner announced on Tuesday, as it gears up to start production from its second California-based mine next year.
The Canadian mining company’s board has approved a consolidation of its common shares on a five-to-one basis. Equinox currently has 5 66 235 062 common shares outstanding and the consolidation would reduce the issued and outstanding common shares to about 113 247 012.
The consolidation, which is expected to take effect on August 20, would allow Equinox to pursue a dual listing on a US exchange.
The miner has recently started Phase 1 construction at its second mine in California, Castle Mountain, which is expected to enter into production in 2020.
Castle Mountain is an openpit heap leach gold mine that will be developed in two phases, the first of which will produce 45 000 oz/y over three years, followed by 203 000 oz/y for another 13 years.
Equinox already operates the Mesquite gold mine, in California, which it acquired in October last year, as well as the new Aurizona mine, in Brazil, where it poured first gold in June.
The miner last week adjusted its guidance for 2019, to reflect a longer-than-expected leach cycle for nonoxide ore and stacking of lower-grade ore at Mesquite, as well as a delay in construction and subsequent modification of the mine plan at Aurizona.
Its new guidance for the year is to produce between 200 000 oz and 235 000 oz at an all-in sustaining cost (AISC) of $940/oz to $990/oz. The previous guidance was 230 000 oz to 265 000 oz at an AISC of $900/oz to $950/oz.
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