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(Kitco News) - On Wednesday, Equinox Gold (TSX: EQX) (NYSE: EQX) announced that the company produced 137,661 ounces of gold, up 14% compared to 120,813 ounces in Q2 2022.
The company said the increase in quarterly gold production was primarily due to the contribution of production from Santa Luz, which achieved commercial production at the end of Q3 2022, and higher production at Aurizona, RDM and Los Filos.
Equinox added that cash costs per oz sold of $1,361 and all-in sustaining costs (AISC) per oz sold of $1,502 were 8% and 9% lower in Q2 2023 compared to Q2 2022, respectively, driven by 15% higher gold sales.
According to a press release, Equinox remains well positioned to achieve its 2023 production and cost guidance.
In Q2 2023, the company’s income from mine operations was $30.7 million (Q2 2022 - $17.0 million). The higher income from mine operations was mainly the result of higher income from mine operations at Los Filos and Aurizona.
Equinox also reported net income for Q2 2023 of $5.4 million (Q2 2022 - net loss of $78.7 million). The company explained that higher net income was mainly due to higher income from mine operations, a tax recovery of $0.8 million (Q2 2022 - tax expense of $29.5 million) and other income of $2.6 million for Q2 2023 as compared to other expense of $32.7 million for Q2 2022.
Commenting on the Greenstone project, Equinox said, "We made significant progress at Greenstone during the quarter. The project is 85% complete, on budget and on schedule to pour gold in the first half of 2024, and we look forward to hosting a site tour for analysts and investors in early September.
“With the initiatives taken earlier in the year to strengthen our balance sheet, we remain fully funded to complete Greenstone construction, ending the quarter with more than $300 million in cash and available credit."
Equinox Gold is a growth-focused Canadian mining company with seven operating gold mines, construction underway at a new project, and a plan to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects.
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