Equinox Gold's Greenstone Project: On Schedule, On Budget
All dollar amounts shown in
Greenstone construction progress is documented weekly in a photo gallery on
Recent Highlights (at
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On schedule –
The Greenstone Project is over 66% complete and on schedule to pour gold in the first half of 2024. -
On budget –
The Greenstone Project remains on budget. AtDecember 31, 2022 , 71% of total capital costs had been contracted and$680 million (55%) of the$1.23 billion construction budget had been spent (100% basis). Inflationary pressures have been mitigated through offsetting savings opportunities or absorbed through the$177 million contingency included in the construction budget. -
Facilities completed – The construction team has completed the
Ministry of Transportation (MTO) Patrol Yard , theGoldfield Creek diversion and the permanent effluent water treatment plant. The first four bays of the truck shop are complete and in use. The 14-km natural gas pipeline is complete and ready for commissioning in Q2 2023. - Equipment delivery continues to support the construction schedule, with key equipment on site or enroute.
- Pre-production mining commenced ahead of schedule – The first four mining haul trucks and the first shovel were commissioned during Q3 2022 and mine pre-production activities got underway in September, ahead of schedule, with more than 2.5 million tonnes of material (ore, waste and overburden) mined to year-end 2022.
Area |
Progress to Date (at |
Total Overall Progress |
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Safety |
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Budget |
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Earthworks, Concrete and Steel |
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Process Plant |
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Equipment Delivery |
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Tailings Facility and Water Management |
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Power Plant and Electrical |
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Site Infrastructure |
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Mobile Equipment and Mining |
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Infrastructure Repositioning |
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Construction during Q1 2023 will focus on completing enclosure of the HPGR and process plant east end buildings, receiving the majority of the remaining equipment, advancing mechanical, piping and electrical installations in the process plant and power plant buildings, and progressing the crushed ore storage and reclaim facilities. Four additional CAT 793F haul trucks, another Komatsu PC5500 shovel and another Komatsu D475A-8 bulldozer will be commissioned during Q1 2023, and the sewage treatment plant, potable water treatment plant and pit fuel station for mobile equipment will be commissioned and released to operations.
Important construction milestones include:
- Independent QRA review of schedule and budget:
June 2022 - Process plant steel erection underway:
June 2022 - Administration building complete:
July 2022 - Delivery and assembly of pre-production fleet of four trucks and excavators: Q2-Q3 2022
- Start of pre-production mining:
September 2022 - Permanent water effluent treatment commissioned:
October 2022 - Commence installation of gensets in power plant, power building enclosed:
November 2022 - Process plant west end, truck shop and SME plant building enclosed:
December 2022 - Leach tank erection and mechanical installations complete: Q1 2023
- Ball mills received, commence installation: Q1 2023
- Crushers installed, commence pre-commissioning of crushing circuit: Q3 2023
- TSF complete and ready for use: Q4 2023
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Highway 11 realignment complete: Q4 2023 - Commence hot commissioning: Q1-Q2 2024
- Gold pour: H1 2024
Tel: +1 604-558-0560
Email: ir@equinoxgold.com
Leach tanks and process plant.
Primary (right) and secondary (left) crushers – exterior.
Reclaim tunnel with conveyor and chute.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements and forward-looking information in this news release relate to, among other things: the Company's ability to successfully advance construction and achieve production at Greenstone; the Company's expectations regarding construction timelines and costs for Greenstone, including its ability to manage inflationary pressures; the Company's expectations for the operation of Greenstone, including production capabilities and future financial or operating performance; and the Company's ability to work effectively with its joint venture partner. Forward-looking statements or information generally identified by the use of the words "will", "advance", "progress", "on track", "on schedule", "on budget", "remain", "focus", and similar expressions and phrases or statements that certain actions, events or results "could", "would" or "should", or the negative connotation of such terms, are intended to identify forward-looking statements and information. Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. The Company has based these forward-looking statements and information on the Company's current expectations and projections about future events and these assumptions include: construction and development at Greenstone being completed and performed in accordance with current expectations, including estimated capital costs; prices for energy inputs, labour, materials, supplies and services, and the impact of inflation on the same, remaining as expected; the timely delivery and commissioning of equipment; availability of funds for the Company's projects and future cash requirements; capital, decommissioning and reclamation estimates; Greenstone Mineral Reserve and Mineral Resource estimates and the assumptions on which they are based; the ability to realize cost savings through leasing of mobile equipment; prices for gold remaining as estimated; no labour-related disruptions and no unplanned delays or interruptions in scheduled construction, development and production, including by blockade; all necessary permits, licenses and regulatory approvals are received in a timely manner; successful relationships between the Company and Orion and between the Company and its Indigenous partners at Greenstone; and the Company's ability to comply with environmental, health and safety laws. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Accordingly, readers are cautioned not to put undue reliance on the forward-looking statements or information contained in this news release.
The Company cautions that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements and information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); inadequate insurance, or inability to obtain insurance to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and Indigenous partners; the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; changes in laws, regulations and government practices, including environmental, export and import laws and regulations; the ability of
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