Equinox Gold Corp. (TSX: EQX) announced today that mining activities have started at its new Santa Luz gold mine in Brazil. The company relayed that it is on track with the construction schedule and is slated to meet the Q4 2021 target to start commissioning the project.
The company expects to start pouring gold by Q1 2022 and anticipates annual gold production of 110,000 ounces for the first 5 years. The overall project is at 41% completion and has spent approximately US$31.0 million out of the US$103.0 million construction budget, witha further $70 million currently committed.
The Santa Luz gold mill was a brownfield past-producing mine so restart activities are mostly focused on refurbishing existing and installing additional infrastructure, retrofitting the plant, and increasing storage capacities. Completion of the refurbishment activities is scheduled for Q3 2021 while storage facility expansions are targeted to be completed by Q4 2021.
Equinox Gold last traded at $8.72 on the TSX.
Information for this briefing was found via Sedar and Equinox Gold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.