{"id":1184784,"date":"2020-05-15T16:19:23","date_gmt":"2020-05-15T21:19:23","guid":{"rendered":"https:\/\/www.mining.com\/?p=1024083"},"modified":"2020-05-15T16:19:23","modified_gmt":"2020-05-15T21:19:23","slug":"equinox-achieves-record-quarterly-production","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1184784","title":{"rendered":"Equinox achieves record quarterly production"},"content":{"rendered":"<p>Equinox Gold (TSX: EQX) had its best quarterly gold production and earnings from mine operations in the first quarter this year, <a aria-label=\"the company announced (opens in a new tab)\" href=\"https:\/\/www.equinoxgold.com\/news\/equinox-gold-achieves-record-quarterly-results-with-89000-ounces-of-gold-production-and-earnings-from-mine-operations-of-43-million\"  rel=\"noreferrer noopener\">the company reported<\/a> on Friday, despite having to navigate challenges related to the covid-19 pandemic.<\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p>In the past quarter, the company produced 88,951 ounces of gold and sold 82,629 ounces, excluding Leagold production prior to the merger close on March 10.<\/p>\n<p>Earnings from mine operations came in at $43.2 million, resulting in net income of $10.9 million or $0.08 per share. Cash flow from operations before changes in working capital was $23.2 million.<\/p>\n<p>&#8220;With more than $350 million of cash on hand, Equinox Gold is in a strong financial position and fully funded for its organic growth plans,&#8221; Equinox CEO Christian Milau stated in a press release. <\/p>\n<p>So far, the Castle Mountain Phase 1 construction in California is 75% complete, and the company recently completed a positive preliminary economic assessment for development of an underground mine at Aurizona in Brazil.<\/p>\n<p>The Los Filos mine expansion in Mexico and restart of the Santa Luz project in Brazil are both expected to &#8220;significantly increase production over the course of 2021 and 2022,&#8221; Milau said.<\/p>\n<p>He added that while the temporary suspension of mining activities at the Los Filos mine will affect Q2 production, the company&#8217;s other mines have experienced only &#8220;minimal covid-19 disruption&#8221; to date.<\/p>\n<p>With the Mexico government recently declaring mining an essential activity, <a aria-label=\"allowing operations to restart (opens in a new tab)\" href=\"https:\/\/www.mining.com\/mining-in-mexico-to-restart-next-week\/\"  rel=\"noreferrer noopener\">allowing operations to restart<\/a> as early as June 1, the company is preparing to restart work at the Los Filos mine.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company produced nearly 89,000 oz of gold in the past quarter.<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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