In an update, Equinox Gold reported that the first gold rally is expected in the first half of 2024.
Construction of a new 400,000-ounce-per-year (oz/y) greenstone mine in Ontario is more than 66% complete.
And according to Equinox Gold, it stays on budget and on time.
Additionally, in a construction update, the company pointed out that the first gold rally is on track for the first half of 2024.
According to the company, approximately 71% of the total capital cost was contracted and $680 million of the $1.23 billion construction budget was spent.
Similarly, inflationary pressures have been mitigated through compensated savings opportunities or absorbed through a US$177 million contingency included in the construction budget.
work in progress
Equinox Gold elaborated that construction in the first quarter will focus on completing the high pressure grating roll enclosure.
as well as the building at the eastern end of the process plant, to receive most of the remaining equipment.
Progress is also expected in mechanical, piping and electrical installations in process plant and power plant buildings.
and progress crushed ore storage and recovery facilities.
Four additional CAT 793F haul trucks, another Komatsu PC5500 shovel and another Komatsu D475A-8 excavator will be commissioned during the quarter.
Waste water treatment plant, drinking water treatment plant and fuel station for mobile equipment will be commissioned and started functioning.
Developed in partnership with Equinox Gold and Orion Ming Finance, Greenstone will be one of Canada’s largest mines, according to Mining Weekly.
It is expected to produce 400,000 oz/y in the first five years and more than five million oz of gold over its initial 14-year mine life.
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