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Mine construction helps Geraldton | Star

Greenstone, Ontario. — A Vancouver company building a new gold mine on the edge of Geraldton said this year has been a very good year and is full of cash to launch.

Christian Milau, CEO of Equinox Gold, said the last business quarter of 2021 was “outstanding” with particularly good production performance at the company’s mesquite mine in California and Aulizona in Brazil. Said that.

In a news release, Mirau said construction of the Geraldton Greenstone mine also began in the fourth quarter. Greenstone will pour the first gold rod in 2024.

According to the release, the company has over $ 300 million in cash and $ 200 million in available credit, adding $ 450 million to various investments.

According to Mirau, the company did not add debt in 2021 and has produced 1 million ounces of gold since its inception.

“Equinox Gold is strong in implementing ambitious growth strategies, including production in the new Santa Luz mine (also in Brazil) in 2022, construction on Greenstone, and a business-wide exploration program. We are in a good position, “said the news release. ..

Mirau previously referred to the Greenstone Mine as an “important asset” as well as an “industry example of responsible mineral development.”

The $ 1.23 billion open pit mine is expected to create 500 direct jobs with a 14-year mine life.

Underground and near mine deposits that “may extend the life of the mine” are also being investigated.

Meanwhile, there were pros and cons to the economic boom that mine construction sparked.

Dave Barker, a longtime Chamber of Commerce executive at Geraldton, said many companies are growing sales as Equinox was as strong as possible with a pledge to buy goods and services from local businesses. Told.

The downside, according to Barker, is that some companies have lost many years of work to Equinox because they can’t match the higher compensation that large gold mines can offer.

Still, according to Barker, many people who were stuck in part-time jobs now have the opportunity to establish a full-time career as part of their mining operations.

“There was a feeling that the town would decline without mines,” Barker said before Equinox announced that the project would finally go on last fall.



Mine construction helps Geraldton | Star

Source link Mine construction helps Geraldton | Star

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