Vancouver’s Equinox Gold recorded the strongest fourth quarter and annual gold production since its establishment in 2017.
Opening a new open-pit mine in Greenstone, south of Geraldton, last year made a strong contribution to the company’s overall fourth quarter production of 213,960 ounces and in posting 621,870 ounces for its 2024 fiscal year.
In what Equinox president-CEO Greg Smith described as a “pivotal” year, the new northwestern Ontario mine produced more than 111,700 ounces in what was only a partial year of mining. That was within the projected 110,000 to 130,000 ounces of production guidance (the mine’s annual gold target) set for 2024.
Equinox runs seven mines in Canada, U.S., Mexico and Brazil. Greenstone is the company’s first Canadian operation.
“Several of our mines delivered their strongest fourth quarter in the company’s history, contributing to consolidated 2024 production of approximately 621,870 ounces of gold, the highest annual production since Equinox Gold’s founding,” said Smith in a news release. “As Greenstone ramps up to full capacity, we look forward to continued growth in 2025.”
Equinox said it will dig into the details in late February when its 2024 financial and operating results come out along with its projected 2025 production and cost targets in late February.
The company reports its in good financial shape with $249 million in cash. During the last quarter, Equinox was able to reduce its debt by $180 million with the final payment of $40 million due to Orion Mining Finance, its former joint venture partner in Greenstone, to acquire Orion’s 40 per cent share in Greenstone.
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