Equinox nears one-million-ounce full-year production after Orla merger
Equinox Gold Corporation reported gold production of 237 019 oz in the three months ended September 30, which includes two months of attributable production from Orla Mining's Musselwhite and Camino Rojo operations after a recent merger.
Equinox reported consolidated year-to-date gold production of 611 483 oz, which puts it on track to produce between 870 000 oz and 920 000 oz in the full year. When including a 12-month contribution of Orla’s production, the combined group’s production will be 1.1-million ounces for the year.
The group says its Canadian operations delivered solid production in the third quarter, led by steady improvements at the Valentine and Greenstone mines, as well as a strong performance at the Musselwhite mine.
Equinox managed to repay $190-million of debt in the quarter, bringing its year-to-date debt repayments to $1.2-billion.
The company ended the reporting quarter with $527-million in cash and a net cash position of $163-million. Its total available liquidity is $1.2-billion.
During the quarter under review, Equinox repurchased 759 000 shares at a cost of $9-million, which amounts to 1.6-million shares having been bought back for $20.7-million in the year-to-date.
“The [reporting] quarter was transformational. We completed our combination with Orla, bringing together a portfolio of assets positioned to generate significant free cashflow and long-term value for shareholders.
“Equinox is now an emerging senior gold producer anchored by three high-quality, long-life mines in Canada – coupled with a standout pipeline of organic growth projects we expect to fund internally,” states Equinox president Jason Simpson.