The construction of the new 400 000 oz/y Greenstone mine, in Ontario, is more than two-thirds complete and remains on budget and on schedule, developer Equinox Gold reported on Wednesday.

In a construction update, the TSX- and NYSE American-listed company reported that the first gold pour is on track for the first half of 2024.

About 71% of total capital costs had been contracted and $680-million (55%) of the $1.23-billion construction budget had been spent. Inflationary pressures have been mitigated through offsetting savings opportunities or absorbed through the $177-million contingency included in the construction budget.

“With key equipment on site or enroute, building infrastructure essentially complete and most buildings enclosed and heated, the construction effort is shifting to interior mechanical, electrical and piping installation during the winter months.

“Detailed commissioning and operation readiness planning is well under way,” said president and CEO Greg Smith.

Construction during the first quarter will focus on completing enclosure of the high-pressure griding roll and process plant east end buildings, receiving the majority of the remaining equipment, advancing mechanical, piping and electrical installations in the process plant and power plant buildings, and progressing the crushed ore storage and reclaim facilities.

Four additional CAT 793F haul trucks, another Komatsu PC5500 shovel and another Komatsu D475A-8 bulldozer will be commissioned during the quarter, and the sewage treatment plant, potable water treatment plant and pit fuel station for mobile equipment will be commissioned and released to operations.

Developed in a 60:40 partnership by Equinox Gold and Orion Ming Finance, Greenstone will be one of the biggest mines in Canada, producing more than 400 000 oz/y for the first five years and more than five-million ounces of gold over its initial 14-year mine life.