Equinox Gold Corp. is betting big on a new gold project in Ontario, but with the mining industry’s history of cost overruns and start up problems at new mines, the venture is far from risk-free.
Late last month, Vancouver-based Equinox started construction of the Greenstone open-pit gold mine in Geraldton, Ont. Greenstone promises to be an important economic driver for Northern Ontario, creating more than 2,000 jobs during the construction phase, and another 500 positions once the mine starts production in 2024.
The project is 60 per cent owned by Equinox, with New York-based Orion Mine Finance Group owning the rest. Greenstone is on track to be the fourth biggest gold mine in Canada, with annual production of 400,000 ounces over 14 years.
Founded in 2018 by mining financier Ross Beaty, Equinox currently operates seven gold mines in the Americas, and has grown in large part through M&A. Equinox acquired its stake in Greenstone last year through its $612-million acquisition of Premier Gold Mines Ltd.
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