Concrete foundations for leach tanks (foreground left), steel structure for west end process plant (foreground right), administration building (back right), truck shop (back centre), power plant (back left) (CNW Group/Equinox Gold Corp.)
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  • Equinox Gold (EQX) makes construction progress at its Greenstone Project in Ontario
  • The Greenstone Project is being developed as a 60/40 partnership by Equinox Gold and Orion Mine Finance Group
  • This will produce more than 400,000 ounces of gold annually for the first five years and more than five million ounces over its initial 14-year mine life
  • It’s 35 per cent finished, and the company is looking to pour gold in the first half of 2024.
  • Equinox Gold (EQX) is up 3.48 per cent, trading at C$5.50 at 3:30 pm EST

Equinox Gold Corp. (EQX) has announced construction progress at its Greenstone Project in Ontario.

The Greenstone Project is being developed as a 60/40 partnership by Equinox Gold and Orion Mine Finance Group and will be one of the largest gold mines in Canada.

This will produce more than 400,000 ounces of gold annually for the first five years and more than five million ounces over its initial 14-year mine life.

Some other recent highlights include how it’s on schedule, its 35 per cent finished, and the company is looking to pour gold in the first half of 2024.

Another win was the budget. As of June 30, 56 per cent of the total capital costs have been contracted, and the project has spent only 26 per cent of its $1.23 billion construction budget.

Structural concrete and steel are ahead of schedule and on track to have the majority of buildings complete and ready to enclose by year-end so work can continue indoors during winter.

Christian Milau, CEO of Equinox Gold, stated: “The Greenstone team has done great work staying on schedule and budget, despite the challenges of starting construction during COVID and dealing with inflationary and supply chain issues. The independent quantitative risk assessment of our program and construction budget has provided additional comfort that we’re on track to deliver the project as planned in the first half of 2024.

“We look forward to hosting an investor and analyst tour in September to showcase construction progress,” added Milau.

Before the QRA, the Greenstone Project team completed a full review of the project schedule and cost.

More than 1 million work hours were completed as of July 15, 2022, with no lost time.

The company also released budget information stating that 26 per cent of the total allotted cost has been spent, 56 per cent have the total cost has been contracted, and 28 per cent has been awarded on a fixed cost basis.

Construction activities during the summer and fall will be focused on earthworks, concrete foundations and steel structures to have the majority of buildings essentially complete by year-end.

Process and power plant equipment will be delivered and installed through the remainder of the year and into H1 2023.

Equinox Gold (EQX) is up 3.48 per cent, trading at C$5.50 at 3:30 pm EST.


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