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Record year for Equinox

Canada’s Equinox Gold has capped 2020 with record output in what has been a transformational period for the company.
Record year for Equinox Record year for Equinox Record year for Equinox Record year for Equinox Record year for Equinox

Equinox Gold has reported record production in 2020

Staff Reporter

It said this week full-year production came in at 477,200oz, higher than the full-year 425,000-465,000oz guidance, with 2020 all-in sustaining costs expected to range between US$975-1,025/oz.

Equinox initiated a staged restart in December of the Los Filos mine in Mexico. It produced 13,700oz gold from the operation in the December quarter after withdrawing guidance in November because of a community blockade.

The company's portfolio-wide production came in at 136,400oz, including output from Los Filos and gold poured during the commissioning and ramp-up at Castle Mountain, in California, USA.

Equinox has moved from a non-producer in mid-2018 to a company with eight operating gold mines and a pipeline of growth projects.

The company, which announced the acquisition of Premier Gold Mines and its Hardrock gold project in Ontario in December, aims to be a 1Moz producer by the end of 2023.

"However, despite the company's progress, Equinox continues to trade at a discount to its peers, which we believe should close over time but currently presents a buying opportunity for investors," said Haywood Securities analyst Kerry Smith.

Haywood maintains a ‘buy' rating on Equinox with a price target of C$24.50.

Its shares (TSX:EQX) last traded at $13.56, capitalizing it at $3.3 billion (US$2.6 billion).