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Equinox Begins Construction Of Bahia Gold Mine With $100 Million Investment
The Santa Luz gold mine in Bahia, resumed by Equinox, is an open-pit mine in operation with a processing plant that started production in mid-2013 but was closed in 2014 by a previous owner to focus on optimizing gold recoveries.
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Gold Mine in Bahia
The Canadian gold producer Equinox is set to begin full construction of its Santa Luz gold mine in the state of Bahia, with an approved construction budget of $103 million.
Santa Luz is expected to produce 903,000 ounces of gold and generate $436 million in net cash flow after taxes over an initial 9.5-year life of the mine, which has 1.1 million ounces of open-pit gold reserves, with additional underground resource increases.
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Equinox Invests Over $100 Million in Gold Mine
“We continue to deliver our sector-leading growth with the launch of full construction at Santa Luz, having poured first gold at our Castle Mountain mine less than a month ago and first gold at our Arizona mine just 15 months ago,” Equinox CEO Christian Milau said in a press release.
“With initial capital of just $103 million, Santa Luz is fully financed and will start to contribute significant cash flow to the company in just over a year,” Milau added.
Total Renovation of Gold Mine Structure in Bahia
As an old producing brownfield mine, most of Equinox’s services and infrastructure at Santa Luz are already installed. The initial capital costs to restart the mine include renovating the existing infrastructure, retrofitting the plant, installing additional grinding power, and increasing the storage capacity of existing tailings and water storage facilities.
Open-pit excavation of the gold mine is slated to begin in February 2021. Modifications and upgrades to the processing plant and tailings and water storage facilities are expected to be completed by the end of 2021, with the first gold pour planned for the first quarter of 2022.
Meanwhile, Equinox has also resumed exploration in the Santa Luz-Fazenda district, a 70 km greenstone belt stretching between the company’s two mines in the state of Bahia.
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