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Equinox Gold is buying partner Orion Mine Finance’s 40% stake in their new Greenstone gold mine in Ontario for $995 million in cash and shares as it prepares to pour first gold.
“When we acquired our 60% interest in Greenstone in 2021, our goal was to ultimately own the whole mine,” Equinox chairman Ross Beaty said in a release. “Consolidating 100% of Greenstone into Equinox Gold delivers our shareholders full exposure to a mine of outstanding scale and quality.” The deal increases Equinox’s annual gold production by about 160,000 oz. while boosting earnings and cash flow, the company said. Greenstone will be its largest mine among eight total, producing about 400,000 oz. of gold per year over the first five years. It’s expected to be one of the world’s lowest-cost open-pit gold mines with all-in sustaining costs of $890 per oz., Equinox said.
Equinox bought Premier Gold for the project, located 275 km northeast of Thunder Bay near the town of Geraldton, and developed it as a 60:40 partnership with New York-based Orion. It aims to produce 400,000 oz. of gold per year and more than 5 million oz. over a 14-year mine life.
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