In its latest update, Equinox Gold says work on its Greenstone Project in Northern Ontario is 85 percent complete, and on track for an initial gold pour in the first half of next year.

The company says the project, which is being developed as a partnership between Equinox and Orion Mine Finance Group, will be one of the largest gold mines in Canada. Its average annual gold production is expected to be more than 400,000 ounces over its first five years, and more than five million ounces of gold over its initial 14-year life.

“The Greenstone Project continues to advance on budget and on schedule,” said Equinox President and CEO Greg Smith. “With most ancillary facilities complete and transferred to the operations team and construction activities 83% complete, our focus is shifting toward commissioning and operational readiness as we advance to construction completion and first gold pour in the first half of 2024, and then achieving commercial production.”

Equinox says mechanical installations are 75% complete and electrical and piping installations are both 67% complete. Power plant construction is complete, with pre-commissioning started in the second quarter of this year.. With all auxiliary facilities now handed over to operations, the remaining construction effort is focused on completion of the process plant and tailings storage facility.

The project also remains on budget for a total spend of $1.23 billion. As of the end of June, the company had spent $937 million, or 76% of its total budget. Approximately $170 million remains to fund through to project completion.

The site is located approximately 275 kilometres northeast of Thunder Bay.