Gold miner Equinox continues path to 1Moz/y
Gold miner Equinox is continuing its path to become a one-million-ounce-a-year gold producer, with output continuing to increase as the benefits of the group’s investment at its mine are being realised.
The mining company, which is operating entirely in the Americas, is targeting production of 600 000 oz to 665 000 oz this year, a one-third increase over 2020’s output.
Equinox confirmed on Wednesday that it was on track to achieve its 2021 guidance, with 391 678 oz having been produced in the first nine months of the year. Third-quarter output was 139 758 oz.
“While increased production from Los Filos and the Brazil mines anchored a strong third quarter for Equinox Gold, approximately one-third of 2021 production will come in the fourth quarter, with more than 65 000 oz of gold already produced during the month of October,” said CEO Christian Milau.
He stated that Equinox expected to realise significant production growth in 2022, as it accessed higher-grade ore at Los Filos, in Mexico, and started production at Santa Luz, in Brazil.
Construction of Santa Luz, which would be the group’s eighth operating mine, was about 70% complete and first gold would be poured in the first quarter of next year.
Equinox reported third-quarter revenue of $245.1-million, adjusted earnings before interest, taxes, depreciation and amortisation of $62-million and adjusted net income of $6.7-million.
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