“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.”
Shares in Equinox fell 11% on Wednesday to C$7.23 apiece, valuing the company at C$2.4 billion. They’ve traded in a 52-week range of C$5.36 to C$8.79.
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.
Seven others
The company’s other mines are Aurizona, Fazenda, Santa Luz and RDM in Brazil, Castle…
