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Wednesday, February 10, 2021 - 12:35:04 PM
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Mining News Pro - Bullion miner Equinox Gold on Tuesday announced its 2021 production guidance of 600 000 oz to 665 000 oz of gold, a 33% increase over 2020’s 477 200 oz.
The miner, which operates in Mexico, the US and Brazil, expects its cash costs to average $940/oz to $1 000/oz and all-in sustaining cost (AISC) to be between $1 190/oz and $1 275/oz.
“2021 represents a year of investment for Equinox Gold as we direct our strong operating cash flow to our existing portfolio of mines and growth projects,” said CEO Christian Milau.
Sustaining capital of $178-million and nonsustaining capital of $249-million are forecast for 2021.
“These investments in 2021 will set the foundation for lower-cost production, longer-life mines and substantial near-term production growth with an increase to approximately 900 000 oz of gold at significantly lower costs in 2022 and approximately one-million ounces of gold from 2023.”
AISC in 2021 include stripping campaigns at Los Filos, in Mexico, Mesquite, in the US, and Aurizona, in Brazil, to access higher-grade ore, which will increase production and reduce costs in the second half of the year.
Growth capital includes the Los Filos expansion project, a significant pit expansion at RDM, in Brazil, and completion of construction at Santa Luz, also in Brazil.
The company is also undertaking an aggressive exploration programme focused on mine life extension and reserve replacement.
“We also look forward to completing the acquisition of Premier Gold Mines this quarter and integrating the producing Mercedes mine and construction-ready, multimillion-ounce Hardrock project into our portfolio and plans. Our share of production from Hardrock would further reduce our costs per ounce produced and boost production by more than 200 000 oz annually starting in 2024,” said Milau.
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